Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Oct. 09, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'DOVER Corp | ' | ' |
Entity Central Index Key | '0000029905 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $13,254,013,509 |
Entity Common Stock, Shares Outstanding | ' | 165,362,322 | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue | $2,092,467 | $1,940,211 | $6,024,852 | $5,636,599 |
Cost of goods and services | 1,290,625 | 1,183,864 | 3,690,384 | 3,442,816 |
Gross profit | 801,842 | 756,347 | 2,334,468 | 2,193,783 |
Selling and administrative expenses | 442,709 | 408,264 | 1,351,106 | 1,260,321 |
Operating earnings | 359,133 | 348,083 | 983,362 | 933,462 |
Interest expense, net | 31,239 | 30,236 | 95,871 | 90,752 |
Other (income) expense, net | -803 | 177 | -6,489 | -1,065 |
Earnings before provision for income taxes and discontinued operations | 328,697 | 317,670 | 893,980 | 843,775 |
Provision for income taxes | 95,872 | 91,435 | 267,388 | 192,269 |
Earnings from continuing operations | 232,825 | 226,235 | 626,592 | 651,506 |
Earnings (loss) from discontinued operations, net | -981 | 42,879 | -20,651 | 157,660 |
Net earnings | $231,844 | $269,114 | $605,941 | $809,166 |
Earnings per share from continuing operations [Abstract] | ' | ' | ' | ' |
Earnings from continuing operations (in dollars per basic share) | $1.40 | $1.33 | $3.74 | $3.79 |
Earnings from continuing operations (in dollars per diluted share) | $1.38 | $1.31 | $3.69 | $3.75 |
Earnings per share from discontinued operations: [Abstract] | ' | ' | ' | ' |
Earnings (loss) from discontinued operations, net (in dollars per basic share) | ($0.01) | $0.25 | ($0.12) | $0.92 |
Earnings (loss) from discontinued operations, net (in dollars per diluted share) | ($0.01) | $0.25 | ($0.12) | $0.91 |
Net earnings per share: [Abstract] | ' | ' | ' | ' |
Net earnings (in dollars per basic share) | $1.40 | $1.58 | $3.62 | $4.71 |
Net earnings (in dollars per diluted share) | $1.38 | $1.56 | $3.57 | $4.65 |
Dividends paid per common share (in dollars per share) | $0.40 | $0.38 | $1.15 | $1.07 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net earnings | $231,844 | $269,114 | $605,941 | $809,166 |
Foreign currency translation adjustments [Abstract] | ' | ' | ' | ' |
Foreign currency translation gains (losses) during period | -70,369 | 61,800 | -76,771 | 19,605 |
Reclassification of foreign currency translation losses to earnings upon sale of subsidiaries | -8,406 | 0 | -8,406 | 2,905 |
Total foreign currency translation, net of tax | -78,775 | 61,800 | -85,177 | 22,510 |
Pension and other postretirement benefit plans [Abstract] | ' | ' | ' | ' |
Actuarial gains arising during period | 0 | 80,455 | 0 | 80,455 |
Prior service cost arising during period | 0 | -121 | 0 | -121 |
Amortization of actuarial losses included in net periodic pension cost | 1,287 | 2,737 | 4,172 | 10,491 |
Amortization of prior service cost included in net periodic pension cost | 1,516 | 1,436 | 4,300 | 4,286 |
Total pension and other postretirement benefit plans, net of tax | 2,803 | 84,507 | 8,472 | 95,111 |
Changes in fair value of cash flow hedges [Abstract] | ' | ' | ' | ' |
Unrealized net (losses) gains arising during period | -466 | 106 | -861 | 200 |
Net (gains) losses reclassified into earnings | 169 | -401 | -20 | -313 |
Total cash flow hedges, net of tax | -297 | -295 | -881 | -113 |
Other comprehensive earnings (loss) other adjustment, net of tax | 927 | 115 | 1,546 | 280 |
Other comprehensive earnings (loss), net of tax | -75,342 | 146,127 | -76,040 | 117,788 |
Comprehensive earnings | $156,502 | $415,241 | $529,901 | $926,954 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $706,234 | $803,882 |
Receivables, net of allowances | 1,338,586 | 1,133,694 |
Inventories, net | 908,048 | 777,830 |
Prepaid and other current assets | 105,299 | 63,747 |
Deferred tax assets | 58,164 | 63,935 |
Total current assets | 3,116,331 | 2,843,088 |
Property, plant and equipment, net | 818,730 | 818,863 |
Goodwill | 3,446,317 | 3,280,993 |
Intangible assets, net | 1,327,232 | 1,294,177 |
Other assets and deferred charges | 239,689 | 197,243 |
Assets of discontinued operations | 10,887 | 2,432,286 |
Total assets | 8,959,186 | 10,866,650 |
Current liabilities: | ' | ' |
Notes payable and current maturities of long-term debt | 153,066 | 229,278 |
Accounts payable | 649,805 | 548,715 |
Accrued compensation and employee benefits | 254,607 | 273,404 |
Accrued insurance | 98,781 | 92,600 |
Other accrued expenses | 230,400 | 228,985 |
Federal and other taxes on income | 7,305 | 49,661 |
Total current liabilities | 1,393,964 | 1,422,643 |
Long-term debt | 2,570,257 | 2,599,201 |
Deferred income taxes | 533,994 | 485,344 |
Other liabilities | 458,301 | 477,748 |
Liabilities of discontinued operations | 80,731 | 504,318 |
Stockholders' Equity: | ' | ' |
Total stockholders' equity | 3,921,939 | 5,377,396 |
Total liabilities and stockholders' equity | $8,959,186 | $10,866,650 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Allowance for doubtful accounts receivable | $18,240 | $18,677 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (unaudited) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Earnings (Loss) [Member] | Treasury Stock [Member] |
In Thousands | ||||||
Balance at Dec. 31, 2013 | $5,377,396 | $255,320 | $871,575 | $7,954,536 | $67,723 | ($3,771,758) |
Net earnings | 605,941 | 0 | 0 | 605,941 | 0 | 0 |
Dividends paid | -192,633 | 0 | 0 | -192,633 | 0 | 0 |
Separation of Knowles Corporation | -1,423,315 | 0 | 0 | -1,396,620 | -26,695 | 0 |
Common stock issued for the exercise of stock options and SARs | -15,235 | 511 | -15,746 | 0 | 0 | 0 |
Tax benefit from the exercise of stock options | 13,703 | 0 | 13,703 | 0 | 0 | 0 |
Stock-based compensation expense | 24,710 | 0 | 24,710 | 0 | 0 | 0 |
Common stock acquired | -392,588 | 0 | -983 | 0 | 0 | -391,605 |
Other comprehensive earnings (loss), net of tax | -76,040 | 0 | 0 | 0 | -76,040 | 0 |
Balance at Sep. 30, 2014 | $3,921,939 | $255,831 | $893,259 | $6,971,224 | ($35,012) | ($4,163,363) |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Preferred stock, par value per share | $100 | $100 |
Preferred stock, shares authorized | 100,000 | 100,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value per share | $1 | $1 |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Activities of Continuing Operations | ' | ' |
Net earnings | $605,941 | $809,166 |
Adjustments to reconcile net earnings to cash from operating activities: | ' | ' |
Loss (earnings) from discontinued operations, net | 20,651 | -157,660 |
Depreciation and amortization | 235,142 | 215,110 |
Stock-based compensation | 24,710 | 23,384 |
Cash effect of changes in current assets and liabilities (excluding effects of acquisitions, dispositions and foreign exchange): | ' | ' |
Accounts receivable | -205,484 | -188,601 |
Inventories | -106,468 | -50,740 |
Prepaid expenses and other assets | -16,566 | -4,610 |
Accounts payable | 87,284 | 61,273 |
Accrued compensation and employee benefits | -23,886 | -36,634 |
Accrued expenses and other liabilities | 2,689 | -12,749 |
Contributions to domestic employee benefit plans | 0 | -9,000 |
Accrued and deferred taxes, net | -67,423 | -59,811 |
Other, net | -24,454 | -691 |
Net cash provided by operating activities of continuing operations | 532,136 | 588,437 |
Investing Activities of Continuing Operations | ' | ' |
Additions to property, plant and equipment | -112,639 | -97,987 |
Acquisitions (net of cash and cash equivalents acquired) | -365,550 | -118,990 |
Proceeds from the sale of property, plant and equipment | 10,053 | 8,406 |
Proceeds from the sale of businesses | 178,112 | 3,756 |
Other | -21,766 | 2,001 |
Net cash used in investing activities of continuing operations | -311,790 | -202,814 |
Financing Activities of Continuing Operations | ' | ' |
Cash received from Knowles Corporation, net of cash distributed | 359,837 | 0 |
Purchase of common stock | -392,588 | -407,862 |
Net proceeds from exercise of stock options and SARs, including tax benefits | 18,268 | 35,308 |
Payments to settle employee tax obligations on exercise of share-based awards | -19,800 | -28,478 |
Dividends paid to stockholders | -192,633 | -184,111 |
Change in notes payable, net | -75,980 | 61,308 |
Reduction of long-term debt | -1,613 | 0 |
Net cash used in financing activities | -304,509 | -523,835 |
Cash Flows from Discontinued Operations | ' | ' |
Net cash used in operating activities of discontinued operations | 18,728 | 142,373 |
Net cash used in investing activities of discontinued operations | -13,596 | -64,244 |
Net cash used in discontinued operations | 5,132 | 78,129 |
Effect of exchange rate changes on cash and cash equivalents | -18,617 | -169 |
Net decrease in cash and cash equivalents | -97,648 | -60,252 |
Cash and cash equivalents at beginning of period | 803,882 | 800,076 |
Cash and cash equivalents at end of period | $706,234 | $739,824 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements, in accordance with Securities and Exchange Commission (“SEC”) rules for interim periods, do not include all of the information and notes for complete financial statements as required by accounting principles generally accepted in the United States of America. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Dover Corporation (“Dover” or the “Company”) Annual Report on Form 10-K for the year ended December 31, 2013, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business, properties, and other matters. The year-end condensed consolidated balance sheet was derived from audited financial statements. Certain amounts in the prior year have been reclassified to conform to the current year presentation. | |
During the first quarter of 2014, the Company announced the realignment of its businesses into a new segment structure, consisting of four segments, organized around its key end markets to better focus on growth strategies. See Note 16 Segment Information for additional information about the new segments, including segment results for the three and nine months ended September 30, 2014 and 2013. | |
As discussed in Note 4 Discontinued Operations, the Company sold a business in the third quarter of 2014. Therefore, the Company has classified the results of operations of this business as discontinued operations for all periods presented. In addition, as described in Note 2 Spin-Off of Knowles Corporation below, the historical results of Knowles, including the results of operations, cash flows, and related assets and liabilities have been reclassified to discontinued operations for all periods presented herein. | |
It is the opinion of management that these financial statements reflect all adjustments necessary for a fair statement of the interim results. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year. |
Spin_Off_of_Knowles
Spin Off of Knowles | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Spin Off of Knowles [Abstract] [Abstract] | ' | |||
Spin-Off of Knowles Corporation [Text Block] | ' | |||
2. Spin-off of Knowles Corporation ("Knowles") | ||||
On February 28, 2014, Dover completed the distribution of Knowles to its stockholders. The transaction was completed through the pro rata distribution of 100% of the common stock of Knowles to Dover's shareholders of record as of the close of business on February 19, 2014. Each Dover shareholder received one share of Knowles common stock for every two shares of Dover common stock held as of the record date. | ||||
The following is a summary of the assets and liabilities distributed to Knowles as part of the separation on February 28, 2014: | ||||
Assets: | ||||
Cash and cash equivalents | $ | 40,163 | ||
Other current assets | 340,945 | |||
Non-current assets | 1,678,820 | |||
$ | 2,059,928 | |||
Liabilities: | ||||
Current liabilities | $ | 252,673 | ||
Non-current liabilities | 383,940 | |||
$ | 636,613 | |||
Net assets distributed to Knowles Corporation | $ | 1,423,315 | ||
Knowles incurred $100,000 of borrowings under its revolving credit facility and $300,000 of borrowings under its term loan facility to finance a cash payment of $400,000 to Dover immediately prior to the distribution. Dover received net cash of $359,837 upon separation, which reflects $40,163 of cash held by Knowles on the distribution date and retained by it in connection with its separation from Dover. Dover utilized the net proceeds from Knowles to pay down commercial paper and to repurchase shares of its common stock in the first quarter of 2014. | ||||
In addition to the net assets reflected above, the Company also allocated approximately $26,695 of accumulated other comprehensive earnings to Knowles, relating primarily to foreign currency translation gains, offset by unrecognized losses on pension obligations. Also, the Company was required to reallocate a portion of its goodwill from continuing operations to a reporting unit included in the Knowles distribution. The reallocation of $19,749 of goodwill was determined using a relative fair value approach. See Note 7 Goodwill and Other Intangible Assets for additional information. | ||||
The historical results of Knowles, including the results of operations, cash flows, and related assets and liabilities have been reclassified to discontinued operations for all periods presented herein. See Note 4 Discontinued Operations. Pursuant to the separation of Knowles from Dover, and the related separation and distribution agreements, any liabilities due from Dover to Knowles are not significant and will be paid in the near future. |
Acquisitions
Acquisitions | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Acquisitions | ' | |||||||||||||||
3. Acquisitions | ||||||||||||||||
The following acquisitions were made during the nine months ended September 30, 2014. | ||||||||||||||||
2014 Acquisitions | ||||||||||||||||
Date | Type | Company / Product Line Acquired | Location (Near) | Segment | ||||||||||||
1-Jan | Stock | Heidelberg CSAT GmbH | Germany | Engineered Systems | ||||||||||||
Manufacturer of digital printing systems that are installed in-packaging-line for the identification of pharmaceutical and medical products. | ||||||||||||||||
3-Feb | Stock | MS Printing Solutions | Italy | Engineered Systems | ||||||||||||
Manufacturer of innovative digital ink jet printing systems for the textile and specialty material industries. | ||||||||||||||||
11-Jun | Asset | Timberline Manufacturing Company | Beaumont, Texas | Energy | ||||||||||||
Manufacturer of chemical injection and metering solutions for oil and gas producers. | ||||||||||||||||
30-Jul | Stock | WellMark Holdings, Inc. | Oklahoma City, Oklahoma | Energy | ||||||||||||
Manufacturer of valves, instrumentation, and chemical injection pumps serving the oil and gas industry. | ||||||||||||||||
31-Jul | Asset | SweatMiser | McDonough, Georgia | Refrigeration & Food Equipment | ||||||||||||
Manufacturer of anti-sweat controllers for doors in the refrigeration industry. | ||||||||||||||||
25-Aug | Stock / Asset | Liquip International | Australia | Fluids | ||||||||||||
Manufacturer of fluid handling solutions, loading arms, tank truck valves and fittings, electronic measurement systems for tank trucks, fuel filtration systems, and aviation fueling components and services. | ||||||||||||||||
The Company acquired these businesses in six separate transactions for net cash consideration of $365,550. The following presents the allocation of acquisition cost to the assets acquired and liabilities assumed, based on their estimated fair values: | ||||||||||||||||
Current assets, net of cash acquired | $ | 72,619 | ||||||||||||||
Property, plant and equipment | 6,610 | |||||||||||||||
Goodwill | 205,656 | |||||||||||||||
Intangible assets | 166,685 | |||||||||||||||
Current liabilities | (34,103 | ) | ||||||||||||||
Non-current liabilities | (51,917 | ) | ||||||||||||||
Net assets acquired | $ | 365,550 | ||||||||||||||
The amounts assigned to goodwill and major intangible asset classifications for the 2014 acquisitions are as follows: | ||||||||||||||||
Amount allocated | Useful life (in years) | |||||||||||||||
Goodwill - Tax deductible | $ | 12,042 | na | |||||||||||||
Goodwill - Non deductible | 193,614 | na | ||||||||||||||
Customer intangibles | 134,116 | 13 | ||||||||||||||
Trademarks | 14,087 | 12 | ||||||||||||||
Technology | 3,267 | 10 | ||||||||||||||
Other intangibles | 15,215 | 7 | ||||||||||||||
$ | 372,341 | |||||||||||||||
The businesses were acquired to complement and expand upon existing operations within the Energy, Fluids and Refrigeration & Food Equipment segments and the Printing & Identification platform of the Engineered Systems segment. The goodwill identified by these acquisitions reflects the benefits expected to be derived from product line expansion and operational synergies. Upon consummation of the acquisitions, each of these entities is now wholly-owned by Dover. | ||||||||||||||||
The Company has substantially completed the purchase price allocations for the 2014 acquisitions. However, if additional information is obtained about these assets and liabilities within the measurement period (not to exceed one year from the date of acquisition), including through asset appraisals and learning more about the newly acquired businesses, the Company will refine its estimates of fair value to allocate the purchase price more accurately; any such revisions are not expected to be significant. | ||||||||||||||||
The unaudited condensed consolidated statements of earnings include the results of these businesses from the dates of acquisition. The aggregate revenue of the 2014 acquisitions included in the Company’s consolidated revenue totaled $43,500 and $79,900 for the three and nine months ended September 30, 2014, respectively. The aggregate earnings of the 2014 acquisitions included in the Company’s consolidated pre-tax earnings totaled $4,200 and $3,100 for the three and nine months ended September 30, 2014, respectively. | ||||||||||||||||
Pro Forma Information | ||||||||||||||||
The following unaudited pro forma information illustrates the effect on the Company’s revenue and earnings from continuing operations for the three and nine months ended September 30, 2014 and 2013, assuming that the 2014 and 2013 acquisitions had taken place at the beginning of the prior year. As a result, the supplemental pro forma earnings for the three and nine months ended September 30, 2014 reflect adjustments to earnings from continuing operations as reported in the Unaudited Condensed Consolidated Statements of Earnings to exclude $2,527 and $3,723 for nonrecurring expense related to the fair value adjustments to acquisition-date inventory (after-tax) and $874 and $2,432 of acquisition-related costs (after tax) and to reflect such items in 2013. The 2014 and 2013 supplemental pro forma earnings are also adjusted to reflect the comparable impact of additional depreciation and amortization expense (net of tax) resulting from the fair value measurement of tangible and intangible assets relating to 2014 and 2013 acquisitions. | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue from continuing operations: | ||||||||||||||||
As reported | $ | 2,092,467 | $ | 1,940,211 | $ | 6,024,852 | $ | 5,636,599 | ||||||||
Pro forma | 2,103,041 | 2,017,881 | 6,093,575 | 5,887,229 | ||||||||||||
Earnings from continuing operations: | ||||||||||||||||
As reported | $ | 232,825 | $ | 226,235 | $ | 626,592 | $ | 651,506 | ||||||||
Pro forma | 237,010 | 230,382 | 638,159 | 654,180 | ||||||||||||
Basic earnings per share from continuing operations: | ||||||||||||||||
As reported | $ | 1.4 | $ | 1.33 | $ | 3.74 | $ | 3.79 | ||||||||
Pro forma | 1.43 | 1.35 | 3.81 | 3.81 | ||||||||||||
Diluted earnings per share from continuing operations: | ||||||||||||||||
As reported | $ | 1.38 | $ | 1.31 | $ | 3.69 | $ | 3.75 | ||||||||
Pro forma | 1.41 | 1.33 | 3.76 | 3.76 | ||||||||||||
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
4. Discontinued Operations | ||||||||||||||||
The results of discontinued operations for the nine months ended September 30, 2014 and the three and nine months ended September 30, 2013 include the historical results of Knowles prior to its distribution on February 28, 2014. Costs incurred by Dover to complete the spin-off of Knowles totaled $327 and $10,637 for the three months ended September 30, 2014 and 2013, respectively, and $27,055 and $13,959 for the nine months ended September 30, 2014 and 2013, respectively. See also Note 2 Spin-off of Knowles Corporation. | ||||||||||||||||
Additionally, the results of discontinued operations reflect the net earnings of certain non-core businesses serving the electronic assembly and test markets that have been previously sold. The Company completed the sale of one of these businesses, Everett Charles Technologies ("ECT"), in the fourth quarter of 2013. Earnings from discontinued operations for the nine months ended September 30, 2014 include an after-tax gain of $3,224 on the sale of ECT upon receipt of a working capital settlement of $4,482 in the second quarter. Earnings from discontinued operations for the nine months ended September 30, 2013 include net earnings of ECT prior to disposal, as well as a goodwill impairment charge of $54,532 ($44,188 after tax) to write down the carrying value of ECT to its estimated fair value at the time, based on the current sales price. Additionally, the Company recognized a benefit of $25,520 in 2013 as a result of the elimination of certain deferred tax liabilities in connection with a change in the expected manner of disposing of the electronic test and assembly businesses. | ||||||||||||||||
On July 2, 2014, the Company completed the sale of DEK International, the remaining business classified as held for sale, for total proceeds of $174,897, of which $173,630 has been received to date in cash. The sale of this business resulted in an after-tax loss on sale of $6,885, of which a loss of $7,201was recorded in the second quarter of 2014 to write down the carrying value of this business to fair value, based on estimated net proceeds at the time. | ||||||||||||||||
The benefit from income taxes for the three and nine months ended September 30, 2013 includes $1,971 and $54,425, respectively, of discrete tax benefits principally related to the conclusion of certain federal, state, and international tax audits. | ||||||||||||||||
Summarized results of the Company’s discontinued operations are as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue | $ | — | $ | 419,527 | $ | 239,237 | $ | 1,195,277 | ||||||||
Gain (loss) on sale and impairments, net of tax | 512 | — | (3,661 | ) | (18,668 | ) | ||||||||||
(Loss) earnings from operations before taxes | (355 | ) | 53,020 | (16,118 | ) | 129,669 | ||||||||||
(Provision for) benefit from income taxes | (1,138 | ) | (10,141 | ) | (872 | ) | 46,659 | |||||||||
(Loss) earnings from operations, net of tax | (1,493 | ) | 42,879 | (16,990 | ) | 176,328 | ||||||||||
(Loss) earnings from discontinued operations, net of tax | $ | (981 | ) | $ | 42,879 | $ | (20,651 | ) | $ | 157,660 | ||||||
Assets and liabilities of discontinued operations are summarized below: | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Assets of Discontinued Operations: | ||||||||||||||||
Accounts receivable | $ | — | $ | 346,486 | ||||||||||||
Inventories, net | — | 166,948 | ||||||||||||||
Prepaid and other current assets | 8,512 | 79,356 | ||||||||||||||
Total current assets | 8,512 | 592,790 | ||||||||||||||
Property, plant and equipment, net | 297 | 370,586 | ||||||||||||||
Goodwill and intangible assets, net | — | 1,425,909 | ||||||||||||||
Other assets and deferred charges | 2,078 | 43,001 | ||||||||||||||
Total assets | $ | 10,887 | $ | 2,432,286 | ||||||||||||
Liabilities of Discontinued Operations: | ||||||||||||||||
Accounts payable | $ | 17,498 | $ | 252,605 | ||||||||||||
Other current liabilities | 12,297 | 99,009 | ||||||||||||||
Total current liabilities | 29,795 | 351,614 | ||||||||||||||
Deferred income taxes | 19,217 | 78,723 | ||||||||||||||
Other liabilities | 31,719 | 73,981 | ||||||||||||||
Total liabilities | $ | 80,731 | $ | 504,318 | ||||||||||||
At September 30, 2014, the assets and liabilities of discontinued operations relate to tax-related accruals and unrecognized benefits, as well as other accruals for compensation, legal, environmental, and warranty contingencies, relating to businesses that were sold in prior years, none of which are individually significant. At December 31, 2013, these balances also reflect the historical assets and liabilities of Knowles, which was spun off in the first quarter of 2014, and DEK, which was sold in the third quarter of 2014. |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Inventory Disclosure | ' | |||||||
5. Inventories, net | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Raw materials | $ | 389,530 | $ | 361,880 | ||||
Work in progress | 184,980 | 145,789 | ||||||
Finished goods | 463,145 | 400,281 | ||||||
Subtotal | 1,037,655 | 907,950 | ||||||
Less reserves | (129,607 | ) | (130,120 | ) | ||||
Total | $ | 908,048 | $ | 777,830 | ||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure | ' | |||||||
6. Property, Plant and Equipment, net | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Land | $ | 57,023 | $ | 58,407 | ||||
Buildings and improvements | 558,102 | 536,143 | ||||||
Machinery, equipment and other | 1,742,897 | 1,696,070 | ||||||
2,358,022 | 2,290,620 | |||||||
Less accumulated depreciation | (1,539,292 | ) | (1,471,757 | ) | ||||
Total | $ | 818,730 | $ | 818,863 | ||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||
7. Goodwill and Other Intangible Assets | ||||||||||||||||||||
Accounting Standards Codification ("ASC") 350, “Intangibles - Goodwill and Other Intangibles” provides guidance on an entity's subsequent measurement and subsequent recognition of goodwill and other intangibles, including subsequent changes to carrying amounts, including impairment and fair value adjustments. In accordance with the guidance set forth in ASC 350, and in connection with the realignment of its businesses, the Company reallocated goodwill among its reporting units based on their current relative fair value and tested goodwill for impairment in the first quarter of 2014. The Company concluded that no impairment indicators exist. | ||||||||||||||||||||
Additionally, due to the separation of Knowles in the first quarter of 2014, the Company was required to reallocate a portion of its goodwill from continuing operations to a reporting unit included in the Knowles distribution, and therefore reported within discontinued operations. The reallocation of $19,749 of goodwill was determined using a relative fair value approach. | ||||||||||||||||||||
The following table provides the changes in carrying value of goodwill by segment for the nine months ended September 30, 2014: | ||||||||||||||||||||
Energy | Engineered Systems | Fluids | Refrigeration & Food Equipment | Total | ||||||||||||||||
Balance at December 31, 2013 | $ | 727,972 | $ | 1,374,036 | $ | 721,577 | $ | 457,408 | $ | 3,280,993 | ||||||||||
Reallocation due to realignment and separation | — | (10,754 | ) | (117,419 | ) | 108,424 | (19,749 | ) | ||||||||||||
Acquisitions | 101,697 | 77,670 | 25,267 | 1,022 | 205,656 | |||||||||||||||
Purchase price adjustments | 2,474 | — | 8,877 | — | 11,351 | |||||||||||||||
Foreign currency translation and other | (3,343 | ) | (11,680 | ) | (14,502 | ) | (2,409 | ) | (31,934 | ) | ||||||||||
Balance at September 30, 2014 | $ | 828,800 | $ | 1,429,272 | $ | 623,800 | $ | 564,445 | $ | 3,446,317 | ||||||||||
During the nine months ended September 30, 2014, the Company recorded adjustments totaling $11,351 to goodwill relating to the finalization of the purchase price allocation to assets acquired and liabilities assumed for the 2013 acquisitions. The Company will continue to refine its estimates of fair value to allocate the purchase price more accurately; however, any such revisions are not expected to be significant. | ||||||||||||||||||||
The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset: | ||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||
Trademarks | $ | 138,540 | $ | 41,920 | $ | 126,634 | $ | 34,232 | ||||||||||||
Patents | 155,319 | 107,888 | 154,236 | 102,804 | ||||||||||||||||
Customer Intangibles | 1,410,036 | 515,009 | 1,288,483 | 433,179 | ||||||||||||||||
Unpatented Technologies | 93,672 | 43,708 | 80,483 | 35,891 | ||||||||||||||||
Drawings & Manuals | 37,848 | 12,575 | 41,800 | 10,462 | ||||||||||||||||
Distributor Relationships | 72,514 | 38,295 | 72,514 | 35,447 | ||||||||||||||||
Other | 32,085 | 23,070 | 33,832 | 21,664 | ||||||||||||||||
Total | 1,940,014 | 782,465 | 1,797,982 | 673,679 | ||||||||||||||||
Unamortized intangible assets: | ||||||||||||||||||||
Trademarks | 169,683 | 169,874 | ||||||||||||||||||
Total intangible assets, net | $ | 1,327,232 | $ | 1,294,177 | ||||||||||||||||
Amortization expense totaled $38,372 and $34,969 for the three months ended September 30, 2014 and 2013, respectively. For the nine months ended September 30, 2014 and 2013, amortization expense was $118,201 and $103,509, respectively. |
Restructuring_Activities
Restructuring Activities | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Restructuring [Abstract] | ' | |||||||||||||||
Restructuring and Related Activities Disclosure | ' | |||||||||||||||
8. Restructuring Activities | ||||||||||||||||
The following table details restructuring charges incurred by segment for the periods presented: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Energy | $ | 214 | $ | 124 | $ | 1,704 | $ | 1,250 | ||||||||
Engineered Systems | 813 | 1,969 | 4,024 | 2,661 | ||||||||||||
Fluids | 457 | 30 | 995 | 356 | ||||||||||||
Refrigeration & Food Equipment | — | 455 | 10 | 4,320 | ||||||||||||
Corporate | 603 | — | 1,760 | — | ||||||||||||
Total | $ | 2,087 | $ | 2,578 | $ | 8,493 | $ | 8,587 | ||||||||
These amounts are classified in the unaudited Condensed Consolidated Statements of Earnings as follows: | ||||||||||||||||
Cost of goods and services | $ | (881 | ) | $ | (1,197 | ) | $ | 1,888 | $ | 3,801 | ||||||
Selling and administrative expenses | 2,968 | 3,775 | 6,605 | 4,786 | ||||||||||||
Total | $ | 2,087 | $ | 2,578 | $ | 8,493 | $ | 8,587 | ||||||||
The restructuring expenses of $2,087 and $8,493 incurred in the three and nine months ended September 30, 2014, respectively, related to restructuring programs initiated during 2014 and 2013. These programs are designed to better align the Company's operations with current market conditions through targeted facility consolidations, headcount reductions and other measures to further optimize operations. The Company currently expects full-year 2014 restructuring expenses of approximately $10.0 million related to these programs. We expect the programs currently underway to be substantially completed in the next twelve to eighteen months. | ||||||||||||||||
The $2,087 of restructuring charges incurred during the third quarter of 2014 included the following items: | ||||||||||||||||
• | The Energy segment incurred restructuring charges of $214 related principally to a facility consolidation in its businesses serving the compression markets. | |||||||||||||||
• | The Engineered Systems segment recorded $813 of restructuring charges relating to facility consolidations within the Industrials platform, as well as actions taken to optimize costs related to marketing and administrative functions within the Printing & Identification platform. | |||||||||||||||
• | The Fluids segment recorded $457 of restructuring charges principally related to severance for those businesses serving the fluid transfer markets. | |||||||||||||||
• | Corporate restructuring charges of $603 resulted from the Company's decision to realign its businesses into a new segment structure in the first quarter of 2014 following the spin-off of Knowles. Nonrecurring charges related to this realignment, primarily severance expense, are not expected to be significant in total. | |||||||||||||||
The following table details the Company’s severance and other restructuring accrual activity: | ||||||||||||||||
Severance | Exit | Total | ||||||||||||||
Balance at December 31, 2013 | $ | 2,918 | $ | 2,466 | $ | 5,384 | ||||||||||
Restructuring charges | 4,522 | 3,971 | 8,493 | |||||||||||||
Payments | (5,623 | ) | (5,119 | ) | (10,742 | ) | ||||||||||
Other, including foreign currency | (573 | ) | 205 | (368 | ) | |||||||||||
Balance at September 30, 2014 | $ | 1,244 | $ | 1,523 | $ | 2,767 | ||||||||||
The accrual balance at September 30, 2014 primarily reflects restructuring plans initiated during the year, as well as ongoing lease commitment obligations for facilities closed in earlier periods. |
Borrowings
Borrowings | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Borrowings | ' | |||||||||||||||
9. Borrowings | ||||||||||||||||
Borrowings consist of the following: | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Short-term | ||||||||||||||||
Current portion of long-term debt | $ | 2,566 | $ | 2,778 | ||||||||||||
Commercial paper | 150,500 | 226,500 | ||||||||||||||
$ | 153,066 | $ | 229,278 | |||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Long-term | ||||||||||||||||
4.875% 10-year notes due October 15, 2015 | $ | 299,786 | $ | 299,638 | ||||||||||||
5.45% 10-year notes due March 15, 2018 | 348,845 | 348,598 | ||||||||||||||
2.125% 7-year notes due December 1, 2020 (euro-denominated) | 381,856 | 411,500 | ||||||||||||||
4.30% 10-year notes due March 1, 2021 | 449,833 | 449,813 | ||||||||||||||
6.65% 30-year debentures due June 1, 2028 | 199,509 | 199,483 | ||||||||||||||
5.375% 30-year debentures due October 15, 2035 | 296,645 | 296,526 | ||||||||||||||
6.60% 30-year notes due March 15, 2038 | 247,926 | 247,859 | ||||||||||||||
5.375% 30-year notes due March 1, 2041 | 345,790 | 345,671 | ||||||||||||||
Other | 2,633 | 2,891 | ||||||||||||||
Total long-term debt | 2,572,823 | 2,601,979 | ||||||||||||||
Less current installments | (2,566 | ) | (2,778 | ) | ||||||||||||
$ | 2,570,257 | $ | 2,599,201 | |||||||||||||
The Company maintains a $1.0 billion unsecured revolving credit facility that expires on November 10, 2016. The Company primarily uses this facility as liquidity back-up for its commercial paper program and has not drawn down any loans under the $1.0 billion facility and does not anticipate doing so. The Company generally uses commercial paper borrowings for general corporate purposes, funding of acquisitions and the repurchases of its common stock. Under the credit facility, the Company is required to maintain an interest coverage ratio of EBITDA to consolidated net interest expense of not less than 3.0 to 1. The Company was in compliance with this covenant and its other long-term debt covenants at September 30, 2014, and it expects to remain in compliance with all of its debt covenants. | ||||||||||||||||
On December 4, 2013, the Company issued €300.0 million of 2.125% euro-denominated notes due 2020. The proceeds of $403,776 from the sale of the notes, net of discounts and issuance costs, were used to repay commercial paper. | ||||||||||||||||
Interest expense and interest income for the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest expense | $ | 32,509 | $ | 30,994 | $ | 99,150 | $ | 92,852 | ||||||||
Interest income | (1,270 | ) | (758 | ) | (3,279 | ) | (2,100 | ) | ||||||||
Interest expense, net | $ | 31,239 | $ | 30,236 | $ | 95,871 | $ | 90,752 | ||||||||
Letters of Credit | ||||||||||||||||
As of September 30, 2014, the Company had approximately $152,743 outstanding in letters of credit and guarantees with financial institutions, which expire at various dates in the last quarter of 2014 through 2020. These letters of credit are primarily maintained as security for insurance, warranty, and other performance obligations. |
Financial_Instruments
Financial Instruments | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure | ' | |||||||||||||||||||||||
10. Financial Instruments | ||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||
The Company is exposed to market risk for changes in foreign currency exchange rates due to the global nature of its operations and certain commodity risks. In order to manage these risks the Company has hedged portions of its forecasted sales and purchases that occur within the next twelve months and are denominated in non-functional currencies, with currency forward or collar contracts designated as cash flow hedges. At September 30, 2014 and December 31, 2013, the Company had contracts with U.S. dollar equivalent notional amounts of $25,111 and $33,216, respectively, to exchange foreign currencies, principally the U.S. dollar, Canadian dollar, euro, and pound sterling. The Company believes it is probable that all forecasted cash flow transactions will occur. | ||||||||||||||||||||||||
In addition, the Company had outstanding contracts with a total notional amount of $56,005 and $104,688 at September 30, 2014 and December 31, 2013, respectively, that are not designated as hedging instruments. These instruments are used to reduce the Company's exposure for operating receivables and payables that are denominated in non-functional currencies. | ||||||||||||||||||||||||
The Company also has an outstanding floating-to-floating cross currency swap agreement for a total notional amount of $50,000 in exchange for CHF 65,100, which expires on October 15, 2015. This transaction continues to hedge a portion of the Company’s net investment in CHF-denominated operations. The agreement qualifies as a net investment hedge and the effective portion of the change in fair value is reported within the cumulative translation adjustment section of other comprehensive income. The fair values at September 30, 2014 and December 31, 2013 reflected losses of $18,250 and $23,716, respectively, due to the strengthening of the Swiss franc relative to the U.S. dollar over the term of the arrangement. | ||||||||||||||||||||||||
The following table sets forth the fair values of derivative instruments held by the Company as of September 30, 2014 and December 31, 2013 and the balance sheet lines in which they are recorded: | ||||||||||||||||||||||||
Fair Value Asset (Liability) | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | Balance Sheet Caption | ||||||||||||||||||||||
Foreign currency forward / collar contracts | $ | 814 | $ | 879 | Prepaid / Other assets | |||||||||||||||||||
Foreign currency forward / collar contracts | (822 | ) | (168 | ) | Other accrued expenses | |||||||||||||||||||
Net investment hedge - cross currency swap | (18,250 | ) | (23,716 | ) | Other liabilities | |||||||||||||||||||
The amount of gains or losses from hedging activity recorded in earnings is not significant, and the amount of unrealized gains and losses from cash flow hedges that are expected to be reclassified to earnings in the next twelve months is not significant; therefore, additional tabular disclosures are not presented. There are no amounts excluded from the assessment of hedge effectiveness, and the Company's derivative instruments that are subject to credit risk contingent features were not significant. | ||||||||||||||||||||||||
The Company is exposed to credit loss in the event of nonperformance by counterparties to the financial instrument contracts held by the Company; however, nonperformance by these counterparties is considered unlikely as the Company’s policy is to contract with highly-rated, diversified counterparties. | ||||||||||||||||||||||||
Additionally, the Company has designated the €300.0 million of euro-denominated notes issued December 4, 2013 as a hedge of a portion of its net investment in euro-denominated operations. Due to the high degree of effectiveness between the hedging instruments and the exposure being hedged, fluctuations in the U.S. dollar value of the euro-denominated debt due to exchange rate changes are offset by changes in the net investment. Accordingly, changes in the value of the euro-denominated debt are recognized in the cumulative translation adjustment section of other comprehensive income to offset changes in the U.S. dollar value of the net investment in euro-denominated operations. The gain recognized from the euro net investment hedge in other comprehensive income totaled $26,357 ($17,132 after tax) and $29,722 ($19,319 after tax) for the three and nine months ended September 30, 2014, respectively. | ||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
ASC 820, “Fair Value Measurements and Disclosures,” establishes a fair value hierarchy that requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. ASC 820 establishes three levels of inputs that may be used to measure fair value. | ||||||||||||||||||||||||
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. | ||||||||||||||||||||||||
Level 2 inputs include inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. | ||||||||||||||||||||||||
Level 3 inputs are unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | ||||||||||||||||||||||||
The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Foreign currency cash flow hedges | $ | — | $ | 814 | $ | — | $ | — | $ | 879 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Foreign currency cash flow hedges | — | 822 | — | — | 168 | — | ||||||||||||||||||
Net investment hedge derivative | — | 18,250 | — | — | 23,716 | — | ||||||||||||||||||
In addition to fair value disclosure requirements related to financial instruments carried at fair value, accounting standards require interim disclosures regarding the fair value of all of the Company’s financial instruments. | ||||||||||||||||||||||||
The estimated fair value of long-term debt at September 30, 2014 and December 31, 2013 was $2,968,163 and $2,872,454, respectively, compared to the carrying value of $2,572,823 and $2,601,979, respectively. The estimated fair value of long-term debt is based on quoted market prices for similar instruments and is, therefore, classified as Level 2 within the valuation hierarchy. | ||||||||||||||||||||||||
The carrying values of cash and cash equivalents, trade receivables, accounts payable, and notes payable are reasonable estimates of their fair values as of September 30, 2014 and December 31, 2013 due to the short-term nature of these instruments. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
11. Income Taxes | |
The effective tax rates for continuing operations for the three and nine months ended September 30, 2014 were 29.2% and 29.9%, respectively. Impacting these rates were favorable discrete tax items of $5,524 and $7,429 for the three and nine months ended September 30, 2014, respectively. These discrete tax items relate to the release of certain non-U.S. valuation allowances and the reassessment of the deductibility of certain non-U.S. expenses. Effective tax rates for continuing operations were 28.8% and 22.8% for the three and nine months ended September 30, 2013, respectively. These rates were impacted by favorable net discrete items totaling $7,751 and $73,571 for the three and nine months ended September 30, 2013, respectively, principally resulting from the conclusion of certain U.S. federal tax audits, as well as certain state and international tax audits, and the effect of the American Tax Relief Act of 2012 signed into law on January 2, 2013. | |
Excluding discrete tax items, the effective tax rates were 30.8% and 30.7% for the three and nine months ended September 30, 2014, and 31.2% and 31.5% for the three and nine months ended September 30, 2013, respectively. | |
Dover and its subsidiaries file tax returns in the U.S., including various state and local returns, and in other foreign jurisdictions. We believe adequate provision has been made for all income tax uncertainties. The Company is routinely audited by taxing authorities in its filing jurisdictions, and a number of these audits are currently underway. We believe that within the next twelve months uncertain tax positions may be resolved and statutes of limitations will expire, which could result in a decrease in the gross amount of unrecognized tax benefits of approximately zero to $37,800, of which a portion will be reported as discontinued operations. |
Equity_Incentive_Program
Equity Incentive Program | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity Incentive Program [Abstract] | ' | |||||||||||||||
Share-based Compensation | ' | |||||||||||||||
12. Equity Incentive Program | ||||||||||||||||
The Company typically grants equity awards annually at its regularly scheduled first quarter Compensation Committee meeting. In the first quarter of 2014, the Company issued stock-settled appreciation rights ("SARs") covering 1,043,734 shares, performance share awards of 58,206 and restricted stock units of 131,719. | ||||||||||||||||
In addition, in connection with the separation of Knowles on February 28, 2014, the Company modified the outstanding equity awards for its employees. The awards were modified such that all individuals received an equivalent fair value both before and after the separation of Knowles. This modification resulted in the issuance of an additional 933,845 SARs, 20,523 stock options, 11,480 performance shares and 5,389 restricted stock units. The exercise price of these outstanding awards, where applicable, was adjusted to preserve the value of the awards immediately prior to the separation. As no incremental fair value was awarded as a result of the issuance of these additional shares, the modification did not result in additional compensation expense. | ||||||||||||||||
The Company uses the Black-Scholes option pricing model to determine the fair value of each SAR on the date of grant. The assumptions used in determining the fair value of the SARs awarded during the respective periods are shown below. Expected volatilities are based on Dover's stock price history, including implied volatilities from traded options on Dover stock. The Company uses historical data to estimate SAR exercise and employee termination patterns within the valuation model. The expected life of SARs granted is derived from the output of the option valuation model and represents the average period of time that SARs granted are expected to be outstanding. The interest rate for periods within the contractual life of the SARs is based on the U.S. Treasury yield curve in effect at the time of grant. | ||||||||||||||||
SARs | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Risk-free interest rate | 1.7 | % | 1.39 | % | ||||||||||||
Dividend yield | 1.98 | % | 2.06 | % | ||||||||||||
Expected life (years) | 5.3 | 7.1 | ||||||||||||||
Volatility | 30.81 | % | 33.78 | % | ||||||||||||
Grant price (1) | $ | 82.51 | $ | 63.33 | ||||||||||||
Fair value per share at date of grant (1) | $ | 19.84 | $ | 18.17 | ||||||||||||
-1 | Updated to reflect the modification of grants issued prior to 2014 in connection with the separation of Knowles on February 28, 2014. | |||||||||||||||
The performance share awards granted in 2014 are considered performance condition awards as attainment is based on Dover's performance relative to established internal metrics. The fair value of these 58,206 awards was determined using Dover's closing stock price on the date of grant of $82.51. For the nine months ended September 30, 2014, we have assumed an average attainment rate of the internal metrics of 108.6%. The expected attainment of the internal metrics for these awards will be analyzed each reporting period, and the related expense will be adjusted up or down based on expected attainment, if that attainment differs from previous estimates. The cumulative effect on current and prior periods of a change in attainment will be recognized in compensation cost in the period of change. | ||||||||||||||||
The performance share awards granted in 2013 are market condition awards as attainment is based on Dover's three-year performance relative to its peer group for the relevant performance period. These awards were valued on the date of grant using a Monte Carlo simulation model (a binomial lattice-based valuation model) with the following assumptions, and are generally recognized ratably over the vesting period: | ||||||||||||||||
Performance shares | ||||||||||||||||
2013 | ||||||||||||||||
Risk-free interest rate | 0.4 | % | ||||||||||||||
Dividend yield | 2.06 | % | ||||||||||||||
Expected life (years) | 2.9 | |||||||||||||||
Volatility | 30.36 | % | ||||||||||||||
Fair value per share at date of grant (2) | $ | 70.92 | ||||||||||||||
-2 | Updated to reflect the modification of grants in connection with the separation of Knowles on February 28, 2014. | |||||||||||||||
Stock-based compensation is reported within selling and administrative expenses in the accompanying unaudited Condensed Consolidated Statements of Earnings. The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Pre-tax compensation expense | $ | 8,297 | $ | 7,081 | $ | 24,710 | $ | 23,384 | ||||||||
Tax benefit | (2,914 | ) | (2,493 | ) | (8,749 | ) | (8,241 | ) | ||||||||
Total stock-based compensation expense, net of tax | $ | 5,383 | $ | 4,588 | $ | 15,961 | $ | 15,143 | ||||||||
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments and Contingent Liabilities | ' | |||||||
13. Commitments and Contingent Liabilities | ||||||||
Litigation | ||||||||
A few of the Company’s subsidiaries are involved in legal proceedings relating to the cleanup of waste disposal sites identified under federal and state statutes that provide for the allocation of such costs among “potentially responsible parties.” In each instance, the extent of the Company’s liability appears to be very small in relation to the total projected expenditures and the number of other “potentially responsible parties” involved and is anticipated to be immaterial to the Company. In addition, a few of the Company’s subsidiaries are involved in ongoing remedial activities at certain current and former plant sites, in cooperation with regulatory agencies, and appropriate reserves have been established. At September 30, 2014 and December 31, 2013, the Company has reserves totaling $29,310 and $29,786, respectively, for environmental and other matters, including private party claims for exposure to hazardous substances, that are probable and estimable. | ||||||||
The Company and certain of its subsidiaries are also parties to a number of other legal proceedings incidental to their businesses. These proceedings primarily involve claims by private parties alleging injury arising out of use of the Company’s products, patent infringement, employment matters, and commercial disputes. Management and legal counsel, at least quarterly, review the probable outcome of such proceedings, the costs and expenses reasonably expected to be incurred and currently accrued to-date, and the availability and extent of insurance coverage. The Company has reserves for legal matters that are probable and estimable and not otherwise covered by insurance, and at September 30, 2014 and December 31, 2013, these reserves are not significant. While it is not possible at this time to predict the outcome of these legal actions, in the opinion of management, based on the aforementioned reviews, the Company is not currently involved in any legal proceedings which, individually or in the aggregate, could have a material effect on its financial position, results of operations, or cash flows. | ||||||||
Warranty Accruals | ||||||||
Estimated warranty program claims are provided for at the time of sale. Amounts provided for are based on historical costs and adjusted new claims. The changes in the carrying amount of product warranties through September 30, 2014 and 2013 are as follows: | ||||||||
2014 | 2013 | |||||||
Beginning Balance, January 1 | $ | 43,651 | $ | 40,398 | ||||
Provision for warranties | 42,743 | 39,118 | ||||||
Settlements made | (42,298 | ) | (36,181 | ) | ||||
Other adjustments, including acquisitions and currency translation | 2,779 | (1,241 | ) | |||||
Ending balance, September 30 | $ | 46,875 | $ | 42,094 | ||||
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||||||||||||||||||
14. Employee Benefit Plans | ||||||||||||||||||||||||||||||||
Retirement Plans | ||||||||||||||||||||||||||||||||
The Company offers defined contribution retirement plans which cover the majority of its U.S. employees, as well as employees in certain other countries. In addition, the Company sponsors qualified defined benefit pension plans covering certain employees of the Company and its subsidiaries. The plans’ benefits are generally based on years of service and employee compensation. The Company also provides to certain management employees, through non-qualified plans, supplemental retirement benefits in excess of qualified plan limits imposed by federal tax law. | ||||||||||||||||||||||||||||||||
In July 2013, the Company announced that, after December 31, 2013, the U.S. qualified and non-qualified defined benefit plans will be closed to new employees. All pension-eligible employees as of December 31, 2013 will continue to earn a pension benefit through December 31, 2023 as long as they remain employed by an operating company participating in the plan. The Company also announced that effective, January 1, 2024, the plans would be frozen to any future benefit accruals. | ||||||||||||||||||||||||||||||||
The following tables set forth the components of the Company’s net periodic expense relating to retirement benefit plans: | ||||||||||||||||||||||||||||||||
Qualified Defined Benefits | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
U.S. Plan | Non-U.S. Plans | U.S. Plan | Non-U.S. Plans | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Service Cost | $ | 3,722 | $ | 4,088 | $ | 1,282 | $ | 1,356 | $ | 11,164 | $ | 13,290 | $ | 4,327 | $ | 4,046 | ||||||||||||||||
Interest Cost | 6,314 | 6,247 | 1,710 | 1,664 | 18,943 | 18,491 | 5,716 | 4,957 | ||||||||||||||||||||||||
Expected return on plan assets | (10,398 | ) | (10,106 | ) | (1,771 | ) | (1,776 | ) | (31,195 | ) | (30,011 | ) | (5,882 | ) | (5,294 | ) | ||||||||||||||||
Amortization: | ||||||||||||||||||||||||||||||||
Prior service cost | 271 | 256 | 22 | 26 | 812 | 769 | 76 | 80 | ||||||||||||||||||||||||
Recognized actuarial loss | 2,073 | 3,771 | 183 | 311 | 6,217 | 14,741 | 626 | 926 | ||||||||||||||||||||||||
Transition obligation | — | — | 1 | (3 | ) | — | — | 3 | (10 | ) | ||||||||||||||||||||||
Other | — | — | 2 | 2 | — | — | 5 | 4 | ||||||||||||||||||||||||
Net periodic expense | $ | 1,982 | $ | 4,256 | $ | 1,429 | $ | 1,580 | $ | 5,941 | $ | 17,280 | $ | 4,871 | $ | 4,709 | ||||||||||||||||
The net periodic expense reflected above for non-U.S. plans for the three and nine months ended September 30, 2014 and 2013 excludes certain non-U.S. plans sponsored by Knowles that were reallocated as part of the separation on February 28, 2014. The historical expense relating to these plans was $0 and $59 for the three and nine months ended September 30, 2014 and $550 and $946 for the three and nine months ended September 30, 2013, respectively. The expense relating to these plans is reflected in earnings from discontinued operations. | ||||||||||||||||||||||||||||||||
In connection with the recent separation of Knowles, the Company offered one-time lump sum payments to Knowles employees that participated in Dover's qualified defined benefit pension plan. As of October 1, 2014, the Company had made total lump sum payments to participants in this plan during the year of $46,100. Based on the total of the lump sum payments expected to be made to both Knowles and other participants in the plan through the remainder of the year, the Company expects to record a settlement charge of approximately $9,500 in the fourth quarter of 2014. $6,000 of this settlement charge is attributable to Knowles participants and, therefore, will be included in the results of discontinued operations in the fourth quarter of 2014, with the remaining $3,500 included in the results of continuing operations. These estimates may vary based on changes in economic conditions in the fourth quarter of 2014. | ||||||||||||||||||||||||||||||||
Non-Qualified Supplemental Benefits | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Service Cost | $ | 830 | $ | 1,246 | $ | 2,490 | $ | 4,604 | ||||||||||||||||||||||||
Interest Cost | 1,537 | 1,633 | 4,611 | 5,180 | ||||||||||||||||||||||||||||
Amortization: | ||||||||||||||||||||||||||||||||
Prior service cost | 1,944 | 2,045 | 5,831 | 6,040 | ||||||||||||||||||||||||||||
Recognized actuarial (gain) loss | (107 | ) | (32 | ) | (320 | ) | 52 | |||||||||||||||||||||||||
Settlement and curtailment gain | — | (4,411 | ) | — | (4,411 | ) | ||||||||||||||||||||||||||
Net periodic expense | $ | 4,204 | $ | 481 | $ | 12,612 | $ | 11,465 | ||||||||||||||||||||||||
As a result of the non-qualified defined benefit plan being frozen to any future benefit accruals, effective January 1, 2024, the Company re-measured the related liability as of the interim effective date of the change (July 31, 2013). This re-measurement resulted in a decrease in the 2013 pension expense of $7,348, of which $4,411 reflected a one-time curtailment gain in the Company's non-qualified benefit plan. | ||||||||||||||||||||||||||||||||
Post-Retirement Plans | ||||||||||||||||||||||||||||||||
The Company also maintains post retirement benefit plans, although these plans are effectively closed to new entrants. The supplemental and post retirement benefit plans are supported by the general assets of the Company. The following table sets forth the components of the Company’s net periodic expense relating to its post-retirement benefit plans: | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Service Cost | $ | 63 | $ | 59 | $ | 187 | $ | 176 | ||||||||||||||||||||||||
Interest Cost | 156 | 130 | 470 | 392 | ||||||||||||||||||||||||||||
Amortization: | ||||||||||||||||||||||||||||||||
Prior service cost | (103 | ) | (104 | ) | (307 | ) | (312 | ) | ||||||||||||||||||||||||
Recognized actuarial loss | 14 | 34 | 40 | 102 | ||||||||||||||||||||||||||||
Net periodic expense | $ | 130 | $ | 119 | $ | 390 | $ | 358 | ||||||||||||||||||||||||
The total amount amortized out of accumulated other comprehensive income into net periodic benefit expense for the three months ended September 30, 2014 and 2013 totaled $4,298 and $6,368, respectively. For the nine months ended September 30, 2014 and 2013, the total amount amortized totaled $12,978 and $22,579, respectively. The amortization included in other comprehensive income for the three and nine months ended September 30, 2013 includes $61 and $191, respectively, relating to plans sponsored by Knowles that were transfered as part of the separation in 2014. | ||||||||||||||||||||||||||||||||
Defined Contribution Retirement Plans | ||||||||||||||||||||||||||||||||
The Company also offers defined contribution retirement plans which cover the majority of its U.S. employees, as well as employees in certain other countries. The Company’s expense relating to defined contribution plans was $8,644, and $6,195 for the three months ended September 30, 2014 and 2013. For the nine months ended September 30, 2014 and 2013, expense relating to these plans was $26,571 and $21,136, respectively. |
Other_Comprehensive_Earnings
Other Comprehensive Earnings | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Other Comprehensive Earnings [Abstract] | ' | |||||||||||||||||||||||
Other Comprehensive Earnings | ' | |||||||||||||||||||||||
15. Other Comprehensive (Loss) Earnings | ||||||||||||||||||||||||
The amounts recognized in other comprehensive (loss) earnings were as follows: | ||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||||||||||
Pre-tax | Tax | Net of tax | Pre-tax | Tax | Net of tax | |||||||||||||||||||
Foreign currency translation adjustments | $ | (67,629 | ) | $ | (11,146 | ) | $ | (78,775 | ) | $ | 60,802 | $ | 998 | $ | 61,800 | |||||||||
Pension and other postretirement benefit plans | 4,298 | (1,495 | ) | 2,803 | 129,959 | (45,452 | ) | 84,507 | ||||||||||||||||
Changes in fair value of cash flow hedges | (457 | ) | 160 | (297 | ) | (453 | ) | 158 | (295 | ) | ||||||||||||||
Other | 941 | (14 | ) | 927 | 132 | (17 | ) | 115 | ||||||||||||||||
Total other comprehensive (loss) earnings | $ | (62,847 | ) | $ | (12,495 | ) | $ | (75,342 | ) | $ | 190,440 | $ | (44,313 | ) | $ | 146,127 | ||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||||||||||
Pre-tax | Tax | Net of tax | Pre-tax | Tax | Net of tax | |||||||||||||||||||
Foreign currency translation adjustments | $ | (72,861 | ) | $ | (12,316 | ) | $ | (85,177 | ) | $ | 22,510 | $ | — | $ | 22,510 | |||||||||
Pension and other postretirement benefit plans | 12,978 | (4,506 | ) | 8,472 | 146,170 | (51,059 | ) | 95,111 | ||||||||||||||||
Changes in fair value of cash flow hedges | (1,355 | ) | 474 | (881 | ) | (174 | ) | 61 | (113 | ) | ||||||||||||||
Other | 1,708 | (162 | ) | 1,546 | 319 | (39 | ) | 280 | ||||||||||||||||
Total other comprehensive (loss) earnings | $ | (59,530 | ) | $ | (16,510 | ) | $ | (76,040 | ) | $ | 168,825 | $ | (51,037 | ) | $ | 117,788 | ||||||||
Total comprehensive earnings were as follows: | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Net earnings | $ | 231,844 | $ | 269,114 | $ | 605,941 | $ | 809,166 | ||||||||||||||||
Other comprehensive (loss) earnings | (75,342 | ) | 146,127 | (76,040 | ) | 117,788 | ||||||||||||||||||
Comprehensive earnings | $ | 156,502 | $ | 415,241 | $ | 529,901 | $ | 926,954 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive earnings (loss) to earnings (loss) during the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Pension and postretirement benefit plans: | ||||||||||||||||||||||||
Amortization of actuarial losses | $ | 2,164 | $ | 4,143 | $ | 6,566 | $ | 15,997 | ||||||||||||||||
Amortization of prior service costs | 2,134 | 2,225 | 6,412 | 6,582 | ||||||||||||||||||||
Total before tax | 4,298 | 6,368 | 12,978 | 22,579 | ||||||||||||||||||||
Tax provision | (1,495 | ) | (2,195 | ) | (4,506 | ) | (7,802 | ) | ||||||||||||||||
Net of tax | $ | 2,803 | $ | 4,173 | $ | 8,472 | $ | 14,777 | ||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Net losses (gains) reclassified into earnings | $ | 261 | $ | (617 | ) | $ | (30 | ) | $ | (481 | ) | |||||||||||||
Tax (provision) benefit | (92 | ) | 216 | 10 | 168 | |||||||||||||||||||
Net of tax | $ | 169 | $ | (401 | ) | $ | (20 | ) | $ | (313 | ) | |||||||||||||
The Company recognizes net periodic pension cost, which includes amortization of net actuarial losses and prior service costs, in both selling and administrative expenses and cost of goods and services, depending on the functional area of the underlying employees included in the plans. | ||||||||||||||||||||||||
Cash flow hedges consist mainly of foreign currency forward contracts. The Company recognizes the realized gains and losses on its cash flow hedges in the same line item as the hedged transaction, such as revenue, cost of goods and services, or selling & administrative expenses. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
16. Segment Information | ||||||||||||||||
During the first quarter of 2014, the Company announced the realignment of its businesses into a new segment structure, consisting of four segments and organized around its key end markets to better focus on growth strategies. The new structure is designed also to provide increased opportunities to leverage Dover's scale and capitalize on productivity initiatives. Dover's four segments for management reporting and performance evaluation purposes are as follows: | ||||||||||||||||
• | Our Energy segment, serving the Drilling & Production and Bearings & Compression end markets, is a provider of customer driven solutions and services for safe and efficient production and processing of fuels worldwide, and has a strong presence in the bearings and compression components markets. | |||||||||||||||
• | Our Engineered Systems segment is comprised of two platforms, Printing & Identification and Industrials, and is focused on the design, manufacture and service of critical equipment and components serving the printing & identification, vehicle service, environmental solutions and industrial end markets. | |||||||||||||||
• | Our Fluids segment, serving the Fluid Transfer and Pumps end markets, is focused on the safe handling of critical fluids across the oil & gas, retail fueling, chemical, hygienic and industrial end markets. | |||||||||||||||
• | Our Refrigeration & Food Equipment segment, serving the Refrigeration and Food Equipment end markets, is a provider of innovative and energy efficient equipment and systems serving the commercial refrigeration and food service industries. | |||||||||||||||
Segment financial information and a reconciliation of segment results to consolidated results follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue: | ||||||||||||||||
Energy | $ | 507,334 | $ | 467,688 | $ | 1,467,123 | $ | 1,396,273 | ||||||||
Engineered Systems | 695,244 | 642,205 | 2,043,979 | 1,886,956 | ||||||||||||
Fluids | 361,797 | 309,241 | 1,053,081 | 893,016 | ||||||||||||
Refrigeration & Food Equipment | 528,807 | 521,322 | 1,462,657 | 1,461,364 | ||||||||||||
Intra-segment eliminations | (715 | ) | (245 | ) | (1,988 | ) | (1,010 | ) | ||||||||
Total consolidated revenue | $ | 2,092,467 | $ | 1,940,211 | $ | 6,024,852 | $ | 5,636,599 | ||||||||
Earnings from continuing operations: | ||||||||||||||||
Segment earnings: | ||||||||||||||||
Energy | $ | 122,738 | $ | 119,086 | $ | 356,697 | $ | 347,456 | ||||||||
Engineered Systems | 119,316 | 111,850 | 324,058 | 297,937 | ||||||||||||
Fluids | 67,559 | 63,056 | 188,613 | 169,425 | ||||||||||||
Refrigeration & Food Equipment | 78,012 | 86,446 | 207,800 | 220,733 | ||||||||||||
Total segments | 387,625 | 380,438 | 1,077,168 | 1,035,551 | ||||||||||||
Corporate expense / other (1) | 27,689 | 32,532 | 87,317 | 101,024 | ||||||||||||
Net interest expense | 31,239 | 30,236 | 95,871 | 90,752 | ||||||||||||
Earnings before provision for income taxes and discontinued operations | 328,697 | 317,670 | 893,980 | 843,775 | ||||||||||||
Provision for taxes | 95,872 | 91,435 | 267,388 | 192,269 | ||||||||||||
Earnings from continuing operations | $ | 232,825 | $ | 226,235 | $ | 626,592 | $ | 651,506 | ||||||||
-1 | Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, and various administrative expenses relating to the corporate headquarters. |
Share_Repurchases
Share Repurchases | 9 Months Ended |
Sep. 30, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Share repurchases | ' |
17. Share Repurchases | |
During the nine months ended September 30, 2014, the Company repurchased 4,743,926 shares of common stock for $392,588 for an average share price of $82.76, of which 857,016 shares were purchased during the third quarter of 2014. Treasury shares increased to 90,157,342 at September 30, 2014 from a balance of 85,413,416 at December 31, 2013. | |
In November 2012, the Board of Directors approved a $1.0 billion share repurchase program authorizing repurchases of Dover's common stock over the following 12 to 18 months. During March 2014, the Company completed this share repurchase program through an accelerated share repurchase transaction, whereby Dover paid $292,565 on March 10, 2014 to receive a variable number of shares on incremental dates through March 31, 2014. The Company repurchased 3,596,980 shares under this transaction for an average share price of $81.06. | |
In May 2012, the Board of Directors renewed its standing authorization of the Company's share repurchase program, on terms consistent with its prior five-year authorization which expired at that time. This renewal authorizes the repurchase of up to 10,000,000 shares of the Company's common stock during the five-year period ending May 2017. The Company repurchased 1,146,946 shares under this authorization during the nine months ended September 30, 2014 for an average share price of $87.21. As of September 30, 2014, the approximate number of shares still available for repurchase under the May 2012 share repurchase authorization was 2,761,343. |
Earnings_per_Share
Earnings per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
18. Earnings per Share | ||||||||||||||||
The following table sets forth a reconciliation of the information used in computing basic and diluted earnings per share: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Earnings from continuing operations | $ | 232,825 | $ | 226,235 | $ | 626,592 | $ | 651,506 | ||||||||
(Loss) earnings from discontinued operations, net | (981 | ) | 42,879 | (20,651 | ) | 157,660 | ||||||||||
Net earnings | $ | 231,844 | $ | 269,114 | $ | 605,941 | $ | 809,166 | ||||||||
Basic earnings (loss) per common share: | ||||||||||||||||
Earnings from continuing operations | $ | 1.4 | $ | 1.33 | $ | 3.74 | $ | 3.79 | ||||||||
(Loss) earnings from discontinued operations, net | $ | (0.01 | ) | $ | 0.25 | $ | (0.12 | ) | $ | 0.92 | ||||||
Net earnings | $ | 1.4 | $ | 1.58 | $ | 3.62 | $ | 4.71 | ||||||||
Weighted average shares outstanding | 166,021,000 | 170,544,000 | 167,401,000 | 171,690,000 | ||||||||||||
Diluted earnings (loss) per common share: | ||||||||||||||||
Earnings from continuing operations | $ | 1.38 | $ | 1.31 | $ | 3.69 | $ | 3.75 | ||||||||
(Loss) earnings from discontinued operations, net | $ | (0.01 | ) | $ | 0.25 | $ | (0.12 | ) | $ | 0.91 | ||||||
Net earnings | $ | 1.38 | $ | 1.56 | $ | 3.57 | $ | 4.65 | ||||||||
Weighted average shares outstanding | 168,343,000 | 172,734,000 | 169,761,000 | 173,870,000 | ||||||||||||
The following table is a reconciliation of the share amounts used in computing earnings per share: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Weighted average shares outstanding - Basic | 166,021,000 | 170,544,000 | 167,401,000 | 171,690,000 | ||||||||||||
Dilutive effect of assumed exercise of employee stock options and SARs and vesting of performance shares | 2,322,000 | 2,190,000 | 2,360,000 | 2,180,000 | ||||||||||||
Weighted average shares outstanding - Diluted | 168,343,000 | 172,734,000 | 169,761,000 | 173,870,000 | ||||||||||||
Diluted per share amounts are computed using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and SARs, and vesting of performance shares and restricted shares, as determined using the treasury stock method. | ||||||||||||||||
The weighted average number of anti-dilutive potential common shares excluded from the calculation above were 54,130 and 10,441 for the three and nine months ended September 30, 2014. There were no anti-dilutive potential common shares excluded from the above calculation for the three and nine months ended September 30, 2013. |
Recent_Accounting_Standards
Recent Accounting Standards | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recent Accounting Standards | ' |
19. Recent Accounting Standards | |
Recently Issued Accounting Standards | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09 that introduces a new five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently evaluating the new guidance to determine the impact it will have on its consolidated financial statements. | |
In April 2014, the FASB issued ASU 2014-08, which includes amendments that change the requirements for reporting discontinued operations and require additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations - that is, a major effect on the organization's operations and financial results - should be presented as discontinued operations. Additionally, the ASU requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. This update is effective for Dover in the first quarter of 2015. The Company is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements. | |
Recently Adopted Accounting Standards | |
In July 2013, the FASB issued ASU 2013-11, which provides that an unrecognized tax benefit, or a portion thereof, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from disallowance of a tax position, or the tax law does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, then the unrecognized tax benefit should be presented as a liability. This standard was effective for fiscal years beginning after December 15, 2013. The Company's adoption of this standard did not have a significant impact on its consolidated financial statements. | |
In March 2013, the FASB issued ASU 2013-05, which permits an entity to release cumulative translation adjustments into net income when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided, or, if a controlling financial interest is no longer held. The revised standard was effective for fiscal years beginning after December 15, 2013; however, early adoption is permitted. The Company's adoption of this standard did not have a significant impact on its consolidated financial statements. | |
In February 2013, the FASB issued ASU 2013-02 which requires additional disclosures regarding the reporting of reclassifications out of accumulated other comprehensive income. ASU 2013-02 requires an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. This guidance was effective for reporting periods beginning after December 15, 2012. The Company adopted this guidance effective January 1, 2013. The Company's adoption of this standard did not have a significant impact on its consolidated financial statements. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
20. Subsequent Events | |
The Company assessed events occurring subsequent to September 30, 2014 for potential recognition and disclosure in the consolidated financial statements. No events have occurred that would require adjustment to the consolidated financial statements. | |
Acquisitions | |
On October 1, 2014, Dover completed the acquisition of Accelerated Companies LLC, a supplier of artificial lift and fluid handling solutions to oil and gas production markets. The business will become a part of Dover Artificial Lift, a business unit within Dover's Energy segment. The total purchase price for this acquisition, subject to normal closing adjustments, was approximately $430,000, which was funded with commercial paper. | |
Share Repurchases | |
The Company initiated the repurchase of an additional 123,448 shares at the end of September 2014, which did not settle until October 2014. Consequently, these amounts have been excluded from share repurchases for the period and are not included in the balance of treasury shares at September 30, 2014. These share repurchases would not have materially impacted the calculation of weighted average shares outstanding nor the calculation of earnings per share. | |
Pension Settlement Charge | |
In connection with the recent separation of Knowles, the Company offered one-time lump sum payments to Knowles employees that participated in Dover's qualified defined benefit pension plan. As of October 1, 2014, the Company had made total lump sum payments to participants in this plan during the year of $46,100. Based on the total of the lump sum payments expected to be made to both Knowles and other participants in the plan through the remainder of the year, the Company expects to record a settlement charge of approximately $9,500 in the fourth quarter of 2014. $6,000 of this settlement charge is attributable to Knowles participants and, therefore, will be included in the results of discontinued operations in the fourth quarter of 2014, with the remaining $3,500 included in the results of continuing operations. These estimates may vary based on changes in economic conditions in the fourth quarter of 2014. |
Spin_Off_of_Knowles_Tables
Spin Off of Knowles (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Disposal Group [Abstract] | ' | |||
Summary of the assets and liabilities transferred to Knowles as part of the separation[Table Text Block] | ' | |||
The following is a summary of the assets and liabilities distributed to Knowles as part of the separation on February 28, 2014: | ||||
Assets: | ||||
Cash and cash equivalents | $ | 40,163 | ||
Other current assets | 340,945 | |||
Non-current assets | 1,678,820 | |||
$ | 2,059,928 | |||
Liabilities: | ||||
Current liabilities | $ | 252,673 | ||
Non-current liabilities | 383,940 | |||
$ | 636,613 | |||
Net assets distributed to Knowles Corporation | $ | 1,423,315 | ||
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Allocation of acquisition cost | ' | |||||||||||||||
The Company acquired these businesses in six separate transactions for net cash consideration of $365,550. The following presents the allocation of acquisition cost to the assets acquired and liabilities assumed, based on their estimated fair values: | ||||||||||||||||
Current assets, net of cash acquired | $ | 72,619 | ||||||||||||||
Property, plant and equipment | 6,610 | |||||||||||||||
Goodwill | 205,656 | |||||||||||||||
Intangible assets | 166,685 | |||||||||||||||
Current liabilities | (34,103 | ) | ||||||||||||||
Non-current liabilities | (51,917 | ) | ||||||||||||||
Net assets acquired | $ | 365,550 | ||||||||||||||
Schedule of acquired intangible assets | ' | |||||||||||||||
The amounts assigned to goodwill and major intangible asset classifications for the 2014 acquisitions are as follows: | ||||||||||||||||
Amount allocated | Useful life (in years) | |||||||||||||||
Goodwill - Tax deductible | $ | 12,042 | na | |||||||||||||
Goodwill - Non deductible | 193,614 | na | ||||||||||||||
Customer intangibles | 134,116 | 13 | ||||||||||||||
Trademarks | 14,087 | 12 | ||||||||||||||
Technology | 3,267 | 10 | ||||||||||||||
Other intangibles | 15,215 | 7 | ||||||||||||||
$ | 372,341 | |||||||||||||||
Pro forma results of operations | ' | |||||||||||||||
The following unaudited pro forma information illustrates the effect on the Company’s revenue and earnings from continuing operations for the three and nine months ended September 30, 2014 and 2013, assuming that the 2014 and 2013 acquisitions had taken place at the beginning of the prior year. As a result, the supplemental pro forma earnings for the three and nine months ended September 30, 2014 reflect adjustments to earnings from continuing operations as reported in the Unaudited Condensed Consolidated Statements of Earnings to exclude $2,527 and $3,723 for nonrecurring expense related to the fair value adjustments to acquisition-date inventory (after-tax) and $874 and $2,432 of acquisition-related costs (after tax) and to reflect such items in 2013. The 2014 and 2013 supplemental pro forma earnings are also adjusted to reflect the comparable impact of additional depreciation and amortization expense (net of tax) resulting from the fair value measurement of tangible and intangible assets relating to 2014 and 2013 acquisitions. | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue from continuing operations: | ||||||||||||||||
As reported | $ | 2,092,467 | $ | 1,940,211 | $ | 6,024,852 | $ | 5,636,599 | ||||||||
Pro forma | 2,103,041 | 2,017,881 | 6,093,575 | 5,887,229 | ||||||||||||
Earnings from continuing operations: | ||||||||||||||||
As reported | $ | 232,825 | $ | 226,235 | $ | 626,592 | $ | 651,506 | ||||||||
Pro forma | 237,010 | 230,382 | 638,159 | 654,180 | ||||||||||||
Basic earnings per share from continuing operations: | ||||||||||||||||
As reported | $ | 1.4 | $ | 1.33 | $ | 3.74 | $ | 3.79 | ||||||||
Pro forma | 1.43 | 1.35 | 3.81 | 3.81 | ||||||||||||
Diluted earnings per share from continuing operations: | ||||||||||||||||
As reported | $ | 1.38 | $ | 1.31 | $ | 3.69 | $ | 3.75 | ||||||||
Pro forma | 1.41 | 1.33 | 3.76 | 3.76 | ||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Results of discontinued operations | ' | |||||||||||||||
Summarized results of the Company’s discontinued operations are as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue | $ | — | $ | 419,527 | $ | 239,237 | $ | 1,195,277 | ||||||||
Gain (loss) on sale and impairments, net of tax | 512 | — | (3,661 | ) | (18,668 | ) | ||||||||||
(Loss) earnings from operations before taxes | (355 | ) | 53,020 | (16,118 | ) | 129,669 | ||||||||||
(Provision for) benefit from income taxes | (1,138 | ) | (10,141 | ) | (872 | ) | 46,659 | |||||||||
(Loss) earnings from operations, net of tax | (1,493 | ) | 42,879 | (16,990 | ) | 176,328 | ||||||||||
(Loss) earnings from discontinued operations, net of tax | $ | (981 | ) | $ | 42,879 | $ | (20,651 | ) | $ | 157,660 | ||||||
Assets and liabilities of discontinued operations | ' | |||||||||||||||
Assets and liabilities of discontinued operations are summarized below: | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Assets of Discontinued Operations: | ||||||||||||||||
Accounts receivable | $ | — | $ | 346,486 | ||||||||||||
Inventories, net | — | 166,948 | ||||||||||||||
Prepaid and other current assets | 8,512 | 79,356 | ||||||||||||||
Total current assets | 8,512 | 592,790 | ||||||||||||||
Property, plant and equipment, net | 297 | 370,586 | ||||||||||||||
Goodwill and intangible assets, net | — | 1,425,909 | ||||||||||||||
Other assets and deferred charges | 2,078 | 43,001 | ||||||||||||||
Total assets | $ | 10,887 | $ | 2,432,286 | ||||||||||||
Liabilities of Discontinued Operations: | ||||||||||||||||
Accounts payable | $ | 17,498 | $ | 252,605 | ||||||||||||
Other current liabilities | 12,297 | 99,009 | ||||||||||||||
Total current liabilities | 29,795 | 351,614 | ||||||||||||||
Deferred income taxes | 19,217 | 78,723 | ||||||||||||||
Other liabilities | 31,719 | 73,981 | ||||||||||||||
Total liabilities | $ | 80,731 | $ | 504,318 | ||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Components of Inventory | ' | |||||||
September 30, 2014 | December 31, 2013 | |||||||
Raw materials | $ | 389,530 | $ | 361,880 | ||||
Work in progress | 184,980 | 145,789 | ||||||
Finished goods | 463,145 | 400,281 | ||||||
Subtotal | 1,037,655 | 907,950 | ||||||
Less reserves | (129,607 | ) | (130,120 | ) | ||||
Total | $ | 908,048 | $ | 777,830 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Components of property, plant and equipment, net | ' | |||||||
September 30, 2014 | December 31, 2013 | |||||||
Land | $ | 57,023 | $ | 58,407 | ||||
Buildings and improvements | 558,102 | 536,143 | ||||||
Machinery, equipment and other | 1,742,897 | 1,696,070 | ||||||
2,358,022 | 2,290,620 | |||||||
Less accumulated depreciation | (1,539,292 | ) | (1,471,757 | ) | ||||
Total | $ | 818,730 | $ | 818,863 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Goodwill | ' | |||||||||||||||||||
The following table provides the changes in carrying value of goodwill by segment for the nine months ended September 30, 2014: | ||||||||||||||||||||
Energy | Engineered Systems | Fluids | Refrigeration & Food Equipment | Total | ||||||||||||||||
Balance at December 31, 2013 | $ | 727,972 | $ | 1,374,036 | $ | 721,577 | $ | 457,408 | $ | 3,280,993 | ||||||||||
Reallocation due to realignment and separation | — | (10,754 | ) | (117,419 | ) | 108,424 | (19,749 | ) | ||||||||||||
Acquisitions | 101,697 | 77,670 | 25,267 | 1,022 | 205,656 | |||||||||||||||
Purchase price adjustments | 2,474 | — | 8,877 | — | 11,351 | |||||||||||||||
Foreign currency translation and other | (3,343 | ) | (11,680 | ) | (14,502 | ) | (2,409 | ) | (31,934 | ) | ||||||||||
Balance at September 30, 2014 | $ | 828,800 | $ | 1,429,272 | $ | 623,800 | $ | 564,445 | $ | 3,446,317 | ||||||||||
Schedule of Intangible Assets | ' | |||||||||||||||||||
The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset: | ||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||
Trademarks | $ | 138,540 | $ | 41,920 | $ | 126,634 | $ | 34,232 | ||||||||||||
Patents | 155,319 | 107,888 | 154,236 | 102,804 | ||||||||||||||||
Customer Intangibles | 1,410,036 | 515,009 | 1,288,483 | 433,179 | ||||||||||||||||
Unpatented Technologies | 93,672 | 43,708 | 80,483 | 35,891 | ||||||||||||||||
Drawings & Manuals | 37,848 | 12,575 | 41,800 | 10,462 | ||||||||||||||||
Distributor Relationships | 72,514 | 38,295 | 72,514 | 35,447 | ||||||||||||||||
Other | 32,085 | 23,070 | 33,832 | 21,664 | ||||||||||||||||
Total | 1,940,014 | 782,465 | 1,797,982 | 673,679 | ||||||||||||||||
Unamortized intangible assets: | ||||||||||||||||||||
Trademarks | 169,683 | 169,874 | ||||||||||||||||||
Total intangible assets, net | $ | 1,327,232 | $ | 1,294,177 | ||||||||||||||||
Restructuring_ActivitiesTables
Restructuring Activities(Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Restructuring [Abstract] | ' | |||||||||||||||
Schedule of Restructuring and Related Costs | ' | |||||||||||||||
The following table details restructuring charges incurred by segment for the periods presented: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Energy | $ | 214 | $ | 124 | $ | 1,704 | $ | 1,250 | ||||||||
Engineered Systems | 813 | 1,969 | 4,024 | 2,661 | ||||||||||||
Fluids | 457 | 30 | 995 | 356 | ||||||||||||
Refrigeration & Food Equipment | — | 455 | 10 | 4,320 | ||||||||||||
Corporate | 603 | — | 1,760 | — | ||||||||||||
Total | $ | 2,087 | $ | 2,578 | $ | 8,493 | $ | 8,587 | ||||||||
These amounts are classified in the unaudited Condensed Consolidated Statements of Earnings as follows: | ||||||||||||||||
Cost of goods and services | $ | (881 | ) | $ | (1,197 | ) | $ | 1,888 | $ | 3,801 | ||||||
Selling and administrative expenses | 2,968 | 3,775 | 6,605 | 4,786 | ||||||||||||
Total | $ | 2,087 | $ | 2,578 | $ | 8,493 | $ | 8,587 | ||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | |||||||||||||||
The following table details the Company’s severance and other restructuring accrual activity: | ||||||||||||||||
Severance | Exit | Total | ||||||||||||||
Balance at December 31, 2013 | $ | 2,918 | $ | 2,466 | $ | 5,384 | ||||||||||
Restructuring charges | 4,522 | 3,971 | 8,493 | |||||||||||||
Payments | (5,623 | ) | (5,119 | ) | (10,742 | ) | ||||||||||
Other, including foreign currency | (573 | ) | 205 | (368 | ) | |||||||||||
Balance at September 30, 2014 | $ | 1,244 | $ | 1,523 | $ | 2,767 | ||||||||||
Borrowings_Tables
Borrowings (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Short-term Debt | ' | |||||||||||||||
Borrowings consist of the following: | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Short-term | ||||||||||||||||
Current portion of long-term debt | $ | 2,566 | $ | 2,778 | ||||||||||||
Commercial paper | 150,500 | 226,500 | ||||||||||||||
$ | 153,066 | $ | 229,278 | |||||||||||||
Schedule of Long-term Debt Instruments | ' | |||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Long-term | ||||||||||||||||
4.875% 10-year notes due October 15, 2015 | $ | 299,786 | $ | 299,638 | ||||||||||||
5.45% 10-year notes due March 15, 2018 | 348,845 | 348,598 | ||||||||||||||
2.125% 7-year notes due December 1, 2020 (euro-denominated) | 381,856 | 411,500 | ||||||||||||||
4.30% 10-year notes due March 1, 2021 | 449,833 | 449,813 | ||||||||||||||
6.65% 30-year debentures due June 1, 2028 | 199,509 | 199,483 | ||||||||||||||
5.375% 30-year debentures due October 15, 2035 | 296,645 | 296,526 | ||||||||||||||
6.60% 30-year notes due March 15, 2038 | 247,926 | 247,859 | ||||||||||||||
5.375% 30-year notes due March 1, 2041 | 345,790 | 345,671 | ||||||||||||||
Other | 2,633 | 2,891 | ||||||||||||||
Total long-term debt | 2,572,823 | 2,601,979 | ||||||||||||||
Less current installments | (2,566 | ) | (2,778 | ) | ||||||||||||
$ | 2,570,257 | $ | 2,599,201 | |||||||||||||
Schedule of Interest expense and interest income | ' | |||||||||||||||
Interest expense and interest income for the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest expense | $ | 32,509 | $ | 30,994 | $ | 99,150 | $ | 92,852 | ||||||||
Interest income | (1,270 | ) | (758 | ) | (3,279 | ) | (2,100 | ) | ||||||||
Interest expense, net | $ | 31,239 | $ | 30,236 | $ | 95,871 | $ | 90,752 | ||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Fair value of derivative instruments and the balance sheet lines in which they are recorded | ' | |||||||||||||||||||||||
The following table sets forth the fair values of derivative instruments held by the Company as of September 30, 2014 and December 31, 2013 and the balance sheet lines in which they are recorded: | ||||||||||||||||||||||||
Fair Value Asset (Liability) | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | Balance Sheet Caption | ||||||||||||||||||||||
Foreign currency forward / collar contracts | $ | 814 | $ | 879 | Prepaid / Other assets | |||||||||||||||||||
Foreign currency forward / collar contracts | (822 | ) | (168 | ) | Other accrued expenses | |||||||||||||||||||
Net investment hedge - cross currency swap | (18,250 | ) | (23,716 | ) | Other liabilities | |||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||||||||||||
The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Foreign currency cash flow hedges | $ | — | $ | 814 | $ | — | $ | — | $ | 879 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Foreign currency cash flow hedges | — | 822 | — | — | 168 | — | ||||||||||||||||||
Net investment hedge derivative | — | 18,250 | — | — | 23,716 | — | ||||||||||||||||||
Equity_Incentive_Program_Table
Equity Incentive Program (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||||||
Stock-based incentive plans compensation expense | ' | |||||||||||||||
Stock-based compensation is reported within selling and administrative expenses in the accompanying unaudited Condensed Consolidated Statements of Earnings. The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Pre-tax compensation expense | $ | 8,297 | $ | 7,081 | $ | 24,710 | $ | 23,384 | ||||||||
Tax benefit | (2,914 | ) | (2,493 | ) | (8,749 | ) | (8,241 | ) | ||||||||
Total stock-based compensation expense, net of tax | $ | 5,383 | $ | 4,588 | $ | 15,961 | $ | 15,143 | ||||||||
Stock Appreciation Rights (SARs) [Member] | ' | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||||||
Valuation assumptions | ' | |||||||||||||||
SARs | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Risk-free interest rate | 1.7 | % | 1.39 | % | ||||||||||||
Dividend yield | 1.98 | % | 2.06 | % | ||||||||||||
Expected life (years) | 5.3 | 7.1 | ||||||||||||||
Volatility | 30.81 | % | 33.78 | % | ||||||||||||
Grant price (1) | $ | 82.51 | $ | 63.33 | ||||||||||||
Fair value per share at date of grant (1) | $ | 19.84 | $ | 18.17 | ||||||||||||
-1 | Updated to reflect the modification of grants issued prior to 2014 in connection with the separation of Knowles on February 28, 2014. | |||||||||||||||
Performance Shares [Member] | ' | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||||||
Valuation assumptions | ' | |||||||||||||||
The performance share awards granted in 2013 are market condition awards as attainment is based on Dover's three-year performance relative to its peer group for the relevant performance period. These awards were valued on the date of grant using a Monte Carlo simulation model (a binomial lattice-based valuation model) with the following assumptions, and are generally recognized ratably over the vesting period: | ||||||||||||||||
Performance shares | ||||||||||||||||
2013 | ||||||||||||||||
Risk-free interest rate | 0.4 | % | ||||||||||||||
Dividend yield | 2.06 | % | ||||||||||||||
Expected life (years) | 2.9 | |||||||||||||||
Volatility | 30.36 | % | ||||||||||||||
Fair value per share at date of grant (2) | $ | 70.92 | ||||||||||||||
-2 | Updated to reflect the modification of grants in connection with the separation of Knowles on February 28, 2014. |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | |||||||
Estimated warranty program claims are provided for at the time of sale. Amounts provided for are based on historical costs and adjusted new claims. The changes in the carrying amount of product warranties through September 30, 2014 and 2013 are as follows: | ||||||||
2014 | 2013 | |||||||
Beginning Balance, January 1 | $ | 43,651 | $ | 40,398 | ||||
Provision for warranties | 42,743 | 39,118 | ||||||
Settlements made | (42,298 | ) | (36,181 | ) | ||||
Other adjustments, including acquisitions and currency translation | 2,779 | (1,241 | ) | |||||
Ending balance, September 30 | $ | 46,875 | $ | 42,094 | ||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Defined benefit pension plans | ' | |||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | ' | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
U.S. Plan | Non-U.S. Plans | U.S. Plan | Non-U.S. Plans | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Service Cost | $ | 3,722 | $ | 4,088 | $ | 1,282 | $ | 1,356 | $ | 11,164 | $ | 13,290 | $ | 4,327 | $ | 4,046 | ||||||||||||||||
Interest Cost | 6,314 | 6,247 | 1,710 | 1,664 | 18,943 | 18,491 | 5,716 | 4,957 | ||||||||||||||||||||||||
Expected return on plan assets | (10,398 | ) | (10,106 | ) | (1,771 | ) | (1,776 | ) | (31,195 | ) | (30,011 | ) | (5,882 | ) | (5,294 | ) | ||||||||||||||||
Amortization: | ||||||||||||||||||||||||||||||||
Prior service cost | 271 | 256 | 22 | 26 | 812 | 769 | 76 | 80 | ||||||||||||||||||||||||
Recognized actuarial loss | 2,073 | 3,771 | 183 | 311 | 6,217 | 14,741 | 626 | 926 | ||||||||||||||||||||||||
Transition obligation | — | — | 1 | (3 | ) | — | — | 3 | (10 | ) | ||||||||||||||||||||||
Other | — | — | 2 | 2 | — | — | 5 | 4 | ||||||||||||||||||||||||
Net periodic expense | $ | 1,982 | $ | 4,256 | $ | 1,429 | $ | 1,580 | $ | 5,941 | $ | 17,280 | $ | 4,871 | $ | 4,709 | ||||||||||||||||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | |||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | ' | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Service Cost | $ | 830 | $ | 1,246 | $ | 2,490 | $ | 4,604 | ||||||||||||||||||||||||
Interest Cost | 1,537 | 1,633 | 4,611 | 5,180 | ||||||||||||||||||||||||||||
Amortization: | ||||||||||||||||||||||||||||||||
Prior service cost | 1,944 | 2,045 | 5,831 | 6,040 | ||||||||||||||||||||||||||||
Recognized actuarial (gain) loss | (107 | ) | (32 | ) | (320 | ) | 52 | |||||||||||||||||||||||||
Settlement and curtailment gain | — | (4,411 | ) | — | (4,411 | ) | ||||||||||||||||||||||||||
Net periodic expense | $ | 4,204 | $ | 481 | $ | 12,612 | $ | 11,465 | ||||||||||||||||||||||||
Post-Retirement Benefits [Member] | ' | |||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | ' | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Service Cost | $ | 63 | $ | 59 | $ | 187 | $ | 176 | ||||||||||||||||||||||||
Interest Cost | 156 | 130 | 470 | 392 | ||||||||||||||||||||||||||||
Amortization: | ||||||||||||||||||||||||||||||||
Prior service cost | (103 | ) | (104 | ) | (307 | ) | (312 | ) | ||||||||||||||||||||||||
Recognized actuarial loss | 14 | 34 | 40 | 102 | ||||||||||||||||||||||||||||
Net periodic expense | $ | 130 | $ | 119 | $ | 390 | $ | 358 | ||||||||||||||||||||||||
Other_Comprehensive_Earnings_T
Other Comprehensive Earnings (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||||||||||
Components of other comprehensive income | ' | |||||||||||||||||||||||
The amounts recognized in other comprehensive (loss) earnings were as follows: | ||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||||||||||
Pre-tax | Tax | Net of tax | Pre-tax | Tax | Net of tax | |||||||||||||||||||
Foreign currency translation adjustments | $ | (67,629 | ) | $ | (11,146 | ) | $ | (78,775 | ) | $ | 60,802 | $ | 998 | $ | 61,800 | |||||||||
Pension and other postretirement benefit plans | 4,298 | (1,495 | ) | 2,803 | 129,959 | (45,452 | ) | 84,507 | ||||||||||||||||
Changes in fair value of cash flow hedges | (457 | ) | 160 | (297 | ) | (453 | ) | 158 | (295 | ) | ||||||||||||||
Other | 941 | (14 | ) | 927 | 132 | (17 | ) | 115 | ||||||||||||||||
Total other comprehensive (loss) earnings | $ | (62,847 | ) | $ | (12,495 | ) | $ | (75,342 | ) | $ | 190,440 | $ | (44,313 | ) | $ | 146,127 | ||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||||||||||
Pre-tax | Tax | Net of tax | Pre-tax | Tax | Net of tax | |||||||||||||||||||
Foreign currency translation adjustments | $ | (72,861 | ) | $ | (12,316 | ) | $ | (85,177 | ) | $ | 22,510 | $ | — | $ | 22,510 | |||||||||
Pension and other postretirement benefit plans | 12,978 | (4,506 | ) | 8,472 | 146,170 | (51,059 | ) | 95,111 | ||||||||||||||||
Changes in fair value of cash flow hedges | (1,355 | ) | 474 | (881 | ) | (174 | ) | 61 | (113 | ) | ||||||||||||||
Other | 1,708 | (162 | ) | 1,546 | 319 | (39 | ) | 280 | ||||||||||||||||
Total other comprehensive (loss) earnings | $ | (59,530 | ) | $ | (16,510 | ) | $ | (76,040 | ) | $ | 168,825 | $ | (51,037 | ) | $ | 117,788 | ||||||||
Schedule of comprehensive income (loss) | ' | |||||||||||||||||||||||
Total comprehensive earnings were as follows: | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Net earnings | $ | 231,844 | $ | 269,114 | $ | 605,941 | $ | 809,166 | ||||||||||||||||
Other comprehensive (loss) earnings | (75,342 | ) | 146,127 | (76,040 | ) | 117,788 | ||||||||||||||||||
Comprehensive earnings | $ | 156,502 | $ | 415,241 | $ | 529,901 | $ | 926,954 | ||||||||||||||||
Schedule of amounts reclassified from accumulated other comprehensive income (loss) to earnings | ' | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive earnings (loss) to earnings (loss) during the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Pension and postretirement benefit plans: | ||||||||||||||||||||||||
Amortization of actuarial losses | $ | 2,164 | $ | 4,143 | $ | 6,566 | $ | 15,997 | ||||||||||||||||
Amortization of prior service costs | 2,134 | 2,225 | 6,412 | 6,582 | ||||||||||||||||||||
Total before tax | 4,298 | 6,368 | 12,978 | 22,579 | ||||||||||||||||||||
Tax provision | (1,495 | ) | (2,195 | ) | (4,506 | ) | (7,802 | ) | ||||||||||||||||
Net of tax | $ | 2,803 | $ | 4,173 | $ | 8,472 | $ | 14,777 | ||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Net losses (gains) reclassified into earnings | $ | 261 | $ | (617 | ) | $ | (30 | ) | $ | (481 | ) | |||||||||||||
Tax (provision) benefit | (92 | ) | 216 | 10 | 168 | |||||||||||||||||||
Net of tax | $ | 169 | $ | (401 | ) | $ | (20 | ) | $ | (313 | ) | |||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Revenue and Earnings from continuing operations by market segment | ' | |||||||||||||||
Segment financial information and a reconciliation of segment results to consolidated results follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue: | ||||||||||||||||
Energy | $ | 507,334 | $ | 467,688 | $ | 1,467,123 | $ | 1,396,273 | ||||||||
Engineered Systems | 695,244 | 642,205 | 2,043,979 | 1,886,956 | ||||||||||||
Fluids | 361,797 | 309,241 | 1,053,081 | 893,016 | ||||||||||||
Refrigeration & Food Equipment | 528,807 | 521,322 | 1,462,657 | 1,461,364 | ||||||||||||
Intra-segment eliminations | (715 | ) | (245 | ) | (1,988 | ) | (1,010 | ) | ||||||||
Total consolidated revenue | $ | 2,092,467 | $ | 1,940,211 | $ | 6,024,852 | $ | 5,636,599 | ||||||||
Earnings from continuing operations: | ||||||||||||||||
Segment earnings: | ||||||||||||||||
Energy | $ | 122,738 | $ | 119,086 | $ | 356,697 | $ | 347,456 | ||||||||
Engineered Systems | 119,316 | 111,850 | 324,058 | 297,937 | ||||||||||||
Fluids | 67,559 | 63,056 | 188,613 | 169,425 | ||||||||||||
Refrigeration & Food Equipment | 78,012 | 86,446 | 207,800 | 220,733 | ||||||||||||
Total segments | 387,625 | 380,438 | 1,077,168 | 1,035,551 | ||||||||||||
Corporate expense / other (1) | 27,689 | 32,532 | 87,317 | 101,024 | ||||||||||||
Net interest expense | 31,239 | 30,236 | 95,871 | 90,752 | ||||||||||||
Earnings before provision for income taxes and discontinued operations | 328,697 | 317,670 | 893,980 | 843,775 | ||||||||||||
Provision for taxes | 95,872 | 91,435 | 267,388 | 192,269 | ||||||||||||
Earnings from continuing operations | $ | 232,825 | $ | 226,235 | $ | 626,592 | $ | 651,506 | ||||||||
-1 | Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, and various administrative expenses relating to the corporate headquarters. |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Reconciliation of information used in computing basic and diluted earnings per share | ' | |||||||||||||||
The following table sets forth a reconciliation of the information used in computing basic and diluted earnings per share: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Earnings from continuing operations | $ | 232,825 | $ | 226,235 | $ | 626,592 | $ | 651,506 | ||||||||
(Loss) earnings from discontinued operations, net | (981 | ) | 42,879 | (20,651 | ) | 157,660 | ||||||||||
Net earnings | $ | 231,844 | $ | 269,114 | $ | 605,941 | $ | 809,166 | ||||||||
Basic earnings (loss) per common share: | ||||||||||||||||
Earnings from continuing operations | $ | 1.4 | $ | 1.33 | $ | 3.74 | $ | 3.79 | ||||||||
(Loss) earnings from discontinued operations, net | $ | (0.01 | ) | $ | 0.25 | $ | (0.12 | ) | $ | 0.92 | ||||||
Net earnings | $ | 1.4 | $ | 1.58 | $ | 3.62 | $ | 4.71 | ||||||||
Weighted average shares outstanding | 166,021,000 | 170,544,000 | 167,401,000 | 171,690,000 | ||||||||||||
Diluted earnings (loss) per common share: | ||||||||||||||||
Earnings from continuing operations | $ | 1.38 | $ | 1.31 | $ | 3.69 | $ | 3.75 | ||||||||
(Loss) earnings from discontinued operations, net | $ | (0.01 | ) | $ | 0.25 | $ | (0.12 | ) | $ | 0.91 | ||||||
Net earnings | $ | 1.38 | $ | 1.56 | $ | 3.57 | $ | 4.65 | ||||||||
Weighted average shares outstanding | 168,343,000 | 172,734,000 | 169,761,000 | 173,870,000 | ||||||||||||
Reconciliation of share amounts used in computing earnings per share | ' | |||||||||||||||
The following table is a reconciliation of the share amounts used in computing earnings per share: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Weighted average shares outstanding - Basic | 166,021,000 | 170,544,000 | 167,401,000 | 171,690,000 | ||||||||||||
Dilutive effect of assumed exercise of employee stock options and SARs and vesting of performance shares | 2,322,000 | 2,190,000 | 2,360,000 | 2,180,000 | ||||||||||||
Weighted average shares outstanding - Diluted | 168,343,000 | 172,734,000 | 169,761,000 | 173,870,000 | ||||||||||||
Spin_Off_of_Knowles_Details
Spin Off of Knowles (Details) (USD $) | 9 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Feb. 28, 2014 | Sep. 30, 2014 |
Knowles [Member] | Accumulated Other Comprehensive Earnings (Loss) [Member] | ||||
Transfer of cash and cash equivalents at spin off, gross | $400,000 | ' | ' | ' | ' |
Cash received from Knowles Corporation, net of cash distributed | 359,837 | 0 | ' | ' | ' |
Accumulated other comprehensive income related to foreign currency translation and pension obligations | 1,423,315 | ' | ' | ' | 26,695 |
Revolving credit facility | ' | ' | ' | 100,000 | ' |
Term loan facility | ' | ' | ' | 300,000 | ' |
Goodwill reallocation due to Knowles separation | -19,749 | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | 40,163 | ' |
Other current assets | ' | ' | ' | 340,945 | ' |
Non-current assets | ' | ' | ' | 1,678,820 | ' |
Total assets of discontinued operations | 10,887 | ' | 2,432,286 | 2,059,928 | ' |
Current liabilities | 29,795 | ' | 351,614 | 252,673 | ' |
Non-current liabilities | ' | ' | ' | 383,940 | ' |
Total liabilities of discontinued operations | 80,731 | ' | 504,318 | 636,613 | ' |
Net assets distributed to Knowles Corporation | ' | ' | ' | $1,423,315 | ' |
Acquisitions_Details
Acquisitions (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Goodwill - tax deductible | $12,042 | ' | $12,042 | ' |
Goodwill - non-deductible | 193,614 | ' | 193,614 | ' |
Number of businesses acquired | ' | ' | 6 | ' |
Net cash consideration | ' | ' | 365,550 | ' |
Total goodwill and intangible assets acquired | 372,341 | ' | 372,341 | ' |
Revenue of acquiree since acquisition date | 43,500 | ' | 79,900 | ' |
Earnings of acquiree since acquisition date | 4,200 | ' | 3,100 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ' | ' | ' | ' |
Current assets, net of cash acquired | 72,619 | ' | 72,619 | ' |
Property, plant and equipment | 6,610 | ' | 6,610 | ' |
Goodwill | 205,656 | ' | 205,656 | ' |
Intangible assets | 166,685 | ' | 166,685 | ' |
Current liabilities | -34,103 | ' | -34,103 | ' |
Non-current liabilities | -51,917 | ' | -51,917 | ' |
Net assets acquired | 365,550 | ' | 365,550 | ' |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' | ' | ' |
Amount of nonrecurring expense, excluded from current period net earnings in pro forma financials, related to the fair value adjustments to acquisition-date inventory | 2,527 | ' | 3,723 | ' |
Acquisition related costs (after tax) | 874 | ' | 2,432 | ' |
Revenue from continuing operations [Abstract] | ' | ' | ' | ' |
As reported | 2,092,467 | 1,940,211 | 6,024,852 | 5,636,599 |
Pro forma | 2,103,041 | 2,017,881 | 6,093,575 | 5,887,229 |
Net earnings from continuing operations [Abstract] | ' | ' | ' | ' |
As reported | 232,825 | 226,235 | 626,592 | 651,506 |
Pro forma | 237,010 | 230,382 | 638,159 | 654,180 |
Basic earnings per share from continuing operations [Abstract] | ' | ' | ' | ' |
As reported (in dollars per share) | $1.40 | $1.33 | $3.74 | $3.79 |
Pro forma (in dollars per share) | $1.43 | $1.35 | $3.81 | $3.81 |
Diluted earnings per share from continuing operations [Abstract] | ' | ' | ' | ' |
As reported (in dollars per share) | $1.38 | $1.31 | $3.69 | $3.75 |
Pro forma (in dollars per share) | $1.41 | $1.33 | $3.76 | $3.76 |
Customer Relationships [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Acquired finite-lived intangible asset, amount | ' | ' | 134,116 | ' |
Acquired finite-lived intangible assets, weighted average useful life | ' | ' | '13 years | ' |
Trademarks [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Acquired finite-lived intangible asset, amount | ' | ' | 14,087 | ' |
Acquired finite-lived intangible assets, weighted average useful life | ' | ' | '12 years | ' |
Patents [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Acquired finite-lived intangible asset, amount | ' | ' | 3,267 | ' |
Acquired finite-lived intangible assets, weighted average useful life | ' | ' | '10 years | ' |
Other Intangible Assets [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Acquired finite-lived intangible asset, amount | ' | ' | $15,215 | ' |
Acquired finite-lived intangible assets, weighted average useful life | ' | ' | '7 years | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 |
Everett Charles Technologies [Member] | Everett Charles Technologies [Member] | DEK [Member] | DEK [Member] | DEK [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Spin off costs incurred to date | $327 | $10,637 | $27,055 | $13,959 | ' | ' | ' | ' | ' | ' |
Total sale proceeds | ' | ' | ' | ' | ' | ' | ' | 174,897 | ' | 174,897 |
Proceeds from the sale of businesses | ' | ' | 178,112 | 3,756 | ' | 4,482 | ' | 173,630 | ' | 173,630 |
Goodwill impairment loss, before tax | ' | ' | ' | ' | ' | ' | 54,532 | ' | ' | ' |
Goodwill impairment loss, net of tax | ' | ' | ' | ' | ' | ' | 44,188 | ' | ' | ' |
Deferred tax benefit realized on goodwill | ' | ' | ' | 25,520 | ' | ' | ' | ' | ' | ' |
Tax benefits recognized | ' | 1,971 | ' | 54,425 | ' | ' | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | 0 | 419,527 | 239,237 | 1,195,277 | ' | ' | ' | ' | ' | ' |
Gain (loss) on sale and impairments, net of tax | 512 | 0 | -3,661 | -18,668 | ' | 3,224 | ' | ' | -7,201 | -6,885 |
Earnings from operations before taxes | -355 | 53,020 | -16,118 | 129,669 | ' | ' | ' | ' | ' | ' |
Benefit from (provision for) income taxes | -1,138 | -10,141 | -872 | 46,659 | ' | ' | ' | ' | ' | ' |
Earnings (loss) from operations, net of tax | -1,493 | 42,879 | -16,990 | 176,328 | ' | ' | ' | ' | ' | ' |
Earnings (loss) from discontinued operations, net of tax | -981 | 42,879 | -20,651 | 157,660 | ' | ' | ' | ' | ' | ' |
Assets of Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable, net | 0 | ' | 0 | ' | 346,486 | ' | ' | ' | ' | ' |
Inventories, net | 0 | ' | 0 | ' | 166,948 | ' | ' | ' | ' | ' |
Prepaid and other current assets | 8,512 | ' | 8,512 | ' | 79,356 | ' | ' | ' | ' | ' |
Current assets | 8,512 | ' | 8,512 | ' | 592,790 | ' | ' | ' | ' | ' |
Property, plant and equipment, net | 297 | ' | 297 | ' | 370,586 | ' | ' | ' | ' | ' |
Goodwill and intangible assets, net | 0 | ' | 0 | ' | 1,425,909 | ' | ' | ' | ' | ' |
Other assets and deferred charges | 2,078 | ' | 2,078 | ' | 43,001 | ' | ' | ' | ' | ' |
Total assets of discontinued operations | 10,887 | ' | 10,887 | ' | 2,432,286 | ' | ' | ' | ' | ' |
Liabilities of Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 17,498 | ' | 17,498 | ' | 252,605 | ' | ' | ' | ' | ' |
Other current liabilities | 12,297 | ' | 12,297 | ' | 99,009 | ' | ' | ' | ' | ' |
Current liabilities | 29,795 | ' | 29,795 | ' | 351,614 | ' | ' | ' | ' | ' |
Deferred income taxes | 19,217 | ' | 19,217 | ' | 78,723 | ' | ' | ' | ' | ' |
Other liabilities | 31,719 | ' | 31,719 | ' | 73,981 | ' | ' | ' | ' | ' |
Total liabilities of discontinued operations | $80,731 | ' | $80,731 | ' | $504,318 | ' | ' | ' | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Raw materials | $389,530 | $361,880 |
Work in progress | 184,980 | 145,789 |
Finished Goods | 463,145 | 400,281 |
Subtotal | 1,037,655 | 907,950 |
Inventory reserves | -129,607 | -130,120 |
Total | $908,048 | $777,830 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | $2,358,022 | $2,290,620 |
Accumulated depreciation | -1,539,292 | -1,471,757 |
Total | 818,730 | 818,863 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 57,023 | 58,407 |
Buildings and improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 558,102 | 536,143 |
Machinery, equipment and other [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | $1,742,897 | $1,696,070 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Goodwill (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ' | ' |
Balance | $3,446,317 | $3,280,993 |
Goodwill reallocation due to realignment and separation | -19,749 | ' |
Acquisitions | 205,656 | ' |
Purchase price adjustments | 11,351 | ' |
Foreign currency translation | -31,934 | ' |
Balance | 3,446,317 | 3,280,993 |
Energy Segment [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance | 828,800 | 727,972 |
Goodwill reallocation due to realignment and separation | 0 | ' |
Acquisitions | 101,697 | ' |
Purchase price adjustments | 2,474 | ' |
Foreign currency translation | -3,343 | ' |
Balance | 828,800 | 727,972 |
Engineered Systems Segment [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance | 1,429,272 | 1,374,036 |
Goodwill reallocation due to realignment and separation | -10,754 | ' |
Acquisitions | 77,670 | ' |
Purchase price adjustments | 0 | ' |
Foreign currency translation | -11,680 | ' |
Balance | 1,429,272 | 1,374,036 |
Fluids Segment [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance | 623,800 | 721,577 |
Goodwill reallocation due to realignment and separation | -117,419 | ' |
Acquisitions | 25,267 | ' |
Purchase price adjustments | 8,877 | ' |
Foreign currency translation | -14,502 | ' |
Balance | 623,800 | 721,577 |
Refrigeration and Food Equipment Segment [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance | 564,445 | 457,408 |
Goodwill reallocation due to realignment and separation | 108,424 | ' |
Acquisitions | 1,022 | ' |
Purchase price adjustments | 0 | ' |
Foreign currency translation | -2,409 | ' |
Balance | $564,445 | $457,408 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Intangible Assets and Amortization Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross carrying amount | $1,940,014 | ' | $1,940,014 | ' | $1,797,982 |
Accumulated amortization | 782,465 | ' | 782,465 | ' | 673,679 |
Amortization expense | 38,372 | 34,969 | 118,201 | 103,509 | ' |
Intangible assets, net | 1,327,232 | ' | 1,327,232 | ' | 1,294,177 |
Trademarks [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross carrying amount | 138,540 | ' | 138,540 | ' | 126,634 |
Accumulated amortization | 41,920 | ' | 41,920 | ' | 34,232 |
Patents [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross carrying amount | 155,319 | ' | 155,319 | ' | 154,236 |
Accumulated amortization | 107,888 | ' | 107,888 | ' | 102,804 |
Customer Intangibles [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross carrying amount | 1,410,036 | ' | 1,410,036 | ' | 1,288,483 |
Accumulated amortization | 515,009 | ' | 515,009 | ' | 433,179 |
Unpatented Technologies [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross carrying amount | 93,672 | ' | 93,672 | ' | 80,483 |
Accumulated amortization | 43,708 | ' | 43,708 | ' | 35,891 |
Drawings and Manuals [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross carrying amount | 37,848 | ' | 37,848 | ' | 41,800 |
Accumulated amortization | 12,575 | ' | 12,575 | ' | 10,462 |
Distributor Relationships [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross carrying amount | 72,514 | ' | 72,514 | ' | 72,514 |
Accumulated amortization | 38,295 | ' | 38,295 | ' | 35,447 |
Other Intangible Assets [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross carrying amount | 32,085 | ' | 32,085 | ' | 33,832 |
Accumulated amortization | $23,070 | ' | $23,070 | ' | $21,664 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Indefinite-lived Intangibles (Details) (Trademarks [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Trademarks [Member] | ' | ' |
Unamortized Intangible Assets [Abstract] | ' | ' |
Gross carrying amount | $169,683 | $169,874 |
Restructuring_Activities_Detai
Restructuring Activities (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | $2,087,000 | $2,578,000 | $8,493,000 | $8,587,000 |
Expected future restructuring charges | 10,000,000 | ' | 10,000,000 | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Severance and other restructuring reserve, beginning balance | ' | ' | 5,384,000 | ' |
Provision | ' | ' | 8,493,000 | ' |
Payments | ' | ' | -10,742,000 | ' |
Other, including foreign currency | ' | ' | -368,000 | ' |
Severance and other restructuring reserve, ending balance | 2,767,000 | ' | 2,767,000 | ' |
Energy Segment [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 214,000 | 124,000 | 1,704,000 | 1,250,000 |
Engineered Systems Segment [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 813,000 | 1,969,000 | 4,024,000 | 2,661,000 |
Fluids Segment [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 457,000 | 30,000 | 995,000 | 356,000 |
Refrigeration and Food Equipment Segment [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 0 | 455,000 | 10,000 | 4,320,000 |
Corporate, Non-Segment [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 603,000 | 0 | 1,760,000 | 0 |
Employee Severance [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Severance and other restructuring reserve, beginning balance | ' | ' | 2,918,000 | ' |
Provision | ' | ' | 4,522,000 | ' |
Payments | ' | ' | -5,623,000 | ' |
Other, including foreign currency | ' | ' | -573,000 | ' |
Severance and other restructuring reserve, ending balance | 1,244,000 | ' | 1,244,000 | ' |
Facility Closing [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Severance and other restructuring reserve, beginning balance | ' | ' | 2,466,000 | ' |
Provision | ' | ' | 3,971,000 | ' |
Payments | ' | ' | -5,119,000 | ' |
Other, including foreign currency | ' | ' | 205,000 | ' |
Severance and other restructuring reserve, ending balance | 1,523,000 | ' | 1,523,000 | ' |
Cost of Sales [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | -881,000 | -1,197,000 | 1,888,000 | 3,801,000 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | $2,968,000 | $3,775,000 | $6,605,000 | $4,786,000 |
Borrowings_Details
Borrowings (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Note due 2015 [Member] | Note due 2015 [Member] | Note due 2018 [Member] | Note due 2018 [Member] | Note due 2020 [Member] | Note due 2020 [Member] | Note due 2020 [Member] | Note due 2021 [Member] | Note due 2021 [Member] | Debentures due 2028 [Member] | Debentures due 2028 [Member] | Debenture due 2035 [Member] | Debenture due 2035 [Member] | Note due 2038 [Member] | Note due 2038 [Member] | Note due 2041 [Member] | Note due 2041 [Member] | Other long term debt instruments [Member] | Other long term debt instruments [Member] | Credit Agreement [Member] | Minimum [Member] | Maximum [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||
Interest expense and interest income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | $32,509,000 | $30,994,000 | $99,150,000 | $92,852,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | -1,270,000 | -758,000 | -3,279,000 | -2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, net | 31,239,000 | 30,236,000 | 95,871,000 | 90,752,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | 152,743,000 | ' | 152,743,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term borrowings [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current installments | 2,566,000 | ' | 2,566,000 | ' | 2,778,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial Paper | 150,500,000 | ' | 150,500,000 | ' | 226,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Current | 153,066,000 | ' | 153,066,000 | ' | 229,278,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term borrowings [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | ' | ' | 299,786,000 | 299,638,000 | 348,845,000 | 348,598,000 | 381,856,000 | 411,500,000 | ' | 449,833,000 | 449,813,000 | 199,509,000 | 199,483,000 | 296,645,000 | 296,526,000 | 247,926,000 | 247,859,000 | 345,790,000 | 345,671,000 | 2,633,000 | 2,891,000 | ' | ' | ' |
Carrying amount of long-term debt | 2,572,823,000 | ' | 2,572,823,000 | ' | 2,601,979,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt (noncurrent) | 2,570,257,000 | ' | 2,570,257,000 | ' | 2,599,201,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instruments, maturity date | ' | ' | ' | ' | ' | 15-Oct-15 | ' | 15-Mar-18 | ' | 1-Dec-20 | ' | ' | 1-Mar-21 | ' | 1-Jun-28 | ' | 15-Oct-35 | ' | 15-Mar-38 | ' | 1-Mar-41 | ' | ' | ' | ' | ' | ' |
Debt instrument, stated interest rate (in hundredths) | ' | ' | ' | ' | ' | 4.88% | ' | 5.45% | ' | 2.13% | ' | ' | 4.30% | ' | 6.65% | ' | 5.38% | ' | 6.60% | ' | 5.38% | ' | ' | ' | ' | ' | ' |
Term of debt instrument (in years) | ' | ' | ' | ' | ' | '10 years | ' | '10 years | ' | '7 years | ' | ' | '10 years | ' | '30 years | ' | '30 years | ' | '30 years | ' | '30 years | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Expiration Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10-Nov-16 | 31-Dec-14 | 31-Dec-20 |
Unsecured revolving credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' |
Line of Credit Facility, Covenant Terms | ' | ' | 'Under the credit facility, the Company is required to maintain an interest coverage ratio of EBITDA to consolidated net interest expense of not less than 3.0 to 1. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Compliance | ' | ' | 'The Company was in compliance with this covenant and its other long-term debt covenants at September 30, 2014, and it expects to remain in compliance with all of its debt covenants. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | ' | $403,776,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial_Instruments_Details
Financial Instruments (Details) | 3 Months Ended | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Note due 2020 [Member] | Note due 2020 [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | EUR (€) | Designated as Hedging Instrument [Member] | |||
USD ($) | CHF | Other Liabilities [Member] | Other Liabilities [Member] | Prepaid and Other Current Assets [Member] | Prepaid and Other Current Assets [Member] | Other Accrued Expenses [Member] | Other Accrued Expenses [Member] | EUR (€) | ||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | $25,111,000 | $33,216,000 | $56,005,000 | $104,688,000 | $50,000,000 | 65,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value - Asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 814,000 | 879,000 | ' | ' | ' | ' |
Fair Value - Liability | ' | ' | ' | ' | ' | ' | ' | ' | 18,250,000 | 23,716,000 | ' | ' | 822,000 | 168,000 | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | 300,000,000 |
Gain (loss) on euro net investment hedge, gross | 26,357,000 | 29,722,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on euro net investment hedge, net of tax | $17,132,000 | $19,319,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial_Instruments_Balance_
Financial Instruments - Balance Sheet Location (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Foreign currency cash flow hedges - asset | $0 | $0 |
Liabilities [Abstract] | ' | ' |
Foreign currency cash flow hedges - liability | 0 | 0 |
Net investment hedge derivative | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Foreign currency cash flow hedges - asset | 814 | 879 |
Liabilities [Abstract] | ' | ' |
Foreign currency cash flow hedges - liability | 822 | 168 |
Net investment hedge derivative | 18,250 | 23,716 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Foreign currency cash flow hedges - asset | 0 | 0 |
Liabilities [Abstract] | ' | ' |
Foreign currency cash flow hedges - liability | 0 | 0 |
Net investment hedge derivative | $0 | $0 |
Financial_Instruments_Fair_Val
Financial Instruments - Fair Value Measurements (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Reported Value Measurement [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | $2,572,823 | $2,601,979 |
Estimate of Fair Value Measurement [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | $2,968,163 | $2,872,454 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective tax rate (in hundredths) | 29.20% | 28.80% | 29.90% | 22.80% |
Net discrete items | $5,524,000 | $7,751,000 | $7,429,000 | $73,571,000 |
Pre-discrete tax rate | 30.80% | 31.20% | 30.70% | 31.50% |
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, lower bound | 0 | ' | 0 | ' |
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, upper bound | $37,800,000 | ' | $37,800,000 | ' |
Equity_Incentive_Program_Detai
Equity Incentive Program (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Performance share attainment | ' | ' | 108.60% | ' |
Stock-based compensation expense [Abstract] | ' | ' | ' | ' |
Pre-tax compensation expense | $8,297 | $7,081 | $24,710 | $23,384 |
Tax benefit | -2,914 | -2,493 | -8,749 | -8,241 |
Total stock-based compensation expense, net of tax | $5,383 | $4,588 | $15,961 | $15,143 |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares issued during period (in shares) | ' | ' | 1,043,734 | ' |
Risk-free interest rate (in hundredths) | ' | ' | 1.70% | 1.39% |
Dividend yield (in hundredths) | ' | ' | 1.98% | 2.06% |
Expected life (in years) | ' | ' | '5 years 4 months | '7 years 1 month |
Volatility (in hundredths) | ' | ' | 30.81% | 33.78% |
Grant price (in dollars per share) | ' | ' | $82.51 | $63.33 |
Fair value at date of grant (in dollars per share) | ' | ' | $19.84 | $18.17 |
Incremental shares issued due to modification | ' | ' | 933,845 | ' |
Stock Option [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Incremental shares issued due to modification | ' | ' | 20,523 | ' |
Performance Shares [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares issued during period (in shares) | ' | ' | 58,206 | ' |
Risk-free interest rate (in hundredths) | ' | ' | ' | 0.40% |
Dividend yield (in hundredths) | ' | ' | ' | 2.06% |
Expected life (in years) | ' | ' | ' | '2 years 11 months |
Volatility (in hundredths) | ' | ' | ' | 30.36% |
Fair value at date of grant (in dollars per share) | ' | ' | $82.51 | $70.92 |
Incremental shares issued due to modification | ' | ' | 11,480 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares issued during period (in shares) | ' | ' | 131,719 | ' |
Incremental shares issued due to modification | ' | ' | 5,389 | ' |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities (Details) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Accrual for environmental loss contingencies | $29,310 | ' | $29,786 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ' | ' | ' |
Beginning balance | 43,651 | 40,398 | ' |
Provision for warranties | 42,743 | 39,118 | ' |
Settlements made | -42,298 | -36,181 | ' |
Other adjustments, including acquisitions and currency translation | 2,779 | -1,241 | ' |
Ending balance | $46,875 | $42,094 | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 01, 2014 |
Net periodic benefit cost [Abstract] | ' | ' | ' | ' | ' |
Total lump sum payments | ' | ' | ' | ' | $46,100 |
Reduction in pension expense | ' | 7,348 | ' | ' | ' |
Total amount amortized out of accumulated other comprehensive income | 4,298 | 6,368 | 12,978 | 22,579 | ' |
Defined contribution plan expense | 8,644 | 6,195 | 26,571 | 21,136 | ' |
Expected future settlement loss | ' | ' | ' | ' | 9,500 |
Knowles [Member] | ' | ' | ' | ' | ' |
Net periodic benefit cost [Abstract] | ' | ' | ' | ' | ' |
Net periodic benefit cost | 0 | 550 | 59 | 946 | ' |
Total amount amortized out of accumulated other comprehensive income | ' | 61 | ' | 191 | ' |
U.S. Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' | ' |
Net periodic benefit cost [Abstract] | ' | ' | ' | ' | ' |
Service cost | 3,722 | 4,088 | 11,164 | 13,290 | ' |
Interest cost | 6,314 | 6,247 | 18,943 | 18,491 | ' |
Expected return on plan assets | -10,398 | -10,106 | -31,195 | -30,011 | ' |
Prior service cost (income) | 271 | 256 | 812 | 769 | ' |
Recognized actuarial (gain) loss | 2,073 | 3,771 | 6,217 | 14,741 | ' |
Transition obligation | 0 | 0 | 0 | 0 | ' |
Other | 0 | 0 | 0 | 0 | ' |
Net periodic benefit cost | 1,982 | 4,256 | 5,941 | 17,280 | ' |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' | ' |
Net periodic benefit cost [Abstract] | ' | ' | ' | ' | ' |
Service cost | 1,282 | 1,356 | 4,327 | 4,046 | ' |
Interest cost | 1,710 | 1,664 | 5,716 | 4,957 | ' |
Expected return on plan assets | -1,771 | -1,776 | -5,882 | -5,294 | ' |
Prior service cost (income) | 22 | 26 | 76 | 80 | ' |
Recognized actuarial (gain) loss | 183 | 311 | 626 | 926 | ' |
Transition obligation | 1 | -3 | 3 | -10 | ' |
Other | 2 | 2 | 5 | 4 | ' |
Net periodic benefit cost | 1,429 | 1,580 | 4,871 | 4,709 | ' |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' | ' | ' | ' |
Net periodic benefit cost [Abstract] | ' | ' | ' | ' | ' |
Service cost | 830 | 1,246 | 2,490 | 4,604 | ' |
Interest cost | 1,537 | 1,633 | 4,611 | 5,180 | ' |
Prior service cost (income) | 1,944 | 2,045 | 5,831 | 6,040 | ' |
Recognized actuarial (gain) loss | -107 | -32 | -320 | 52 | ' |
Settlement and curtailment gain | 0 | -4,411 | 0 | -4,411 | ' |
Net periodic benefit cost | 4,204 | 481 | 12,612 | 11,465 | ' |
Post-Retirement Benefits [Member] | ' | ' | ' | ' | ' |
Net periodic benefit cost [Abstract] | ' | ' | ' | ' | ' |
Service cost | 63 | 59 | 187 | 176 | ' |
Interest cost | 156 | 130 | 470 | 392 | ' |
Prior service cost (income) | -103 | -104 | -307 | -312 | ' |
Recognized actuarial (gain) loss | 14 | 34 | 40 | 102 | ' |
Net periodic benefit cost | 130 | 119 | 390 | 358 | ' |
Continuing Operations [Member] | ' | ' | ' | ' | ' |
Net periodic benefit cost [Abstract] | ' | ' | ' | ' | ' |
Expected future settlement loss | ' | ' | ' | ' | 3,500 |
Discontinued Operations [Member] | ' | ' | ' | ' | ' |
Net periodic benefit cost [Abstract] | ' | ' | ' | ' | ' |
Expected future settlement loss | ' | ' | ' | ' | $6,000 |
Other_Comprehensive_Earnings_D
Other Comprehensive Earnings (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Foreign currency translation adjustments [Abstract] | ' | ' | ' | ' |
Foreign currency translation adjustments, before tax | ($67,629) | $60,802 | ($72,861) | $22,510 |
Foreign currency translation adjustments, tax | -11,146 | 998 | -12,316 | 0 |
Total foreign currency translation, net of tax | -78,775 | 61,800 | -85,177 | 22,510 |
Pension and other postretirement benefit plans [Abstract] | ' | ' | ' | ' |
Pension and other postretirement benefit plans, before tax | 4,298 | 129,959 | 12,978 | 146,170 |
Pension and other postretirement benefit plans, tax | -1,495 | -45,452 | -4,506 | -51,059 |
Total pension and other postretirement benefit plans, net of tax | 2,803 | 84,507 | 8,472 | 95,111 |
Changes in fair value of cash flow hedges [Abstract] | ' | ' | ' | ' |
Changes in fair value of cash flow hedges, before tax | -457 | -453 | -1,355 | -174 |
Changes in fair value of cash flow hedges, tax | 160 | 158 | 474 | 61 |
Total cash flow hedges, net of tax | -297 | -295 | -881 | -113 |
Other comprehensive earnings other adjustment, net of tax [Abstract] | ' | ' | ' | ' |
Other, before tax | 941 | 132 | 1,708 | 319 |
Other, tax | -14 | -17 | -162 | -39 |
Other comprehensive earnings (loss) other adjustment, net of tax | 927 | 115 | 1,546 | 280 |
Total other comprehensive earnings [Abstract] | ' | ' | ' | ' |
Other comprehensive earnings (loss), before Tax | -62,847 | 190,440 | -59,530 | 168,825 |
Other comprehensive earnings (loss), tax | -12,495 | -44,313 | -16,510 | -51,037 |
Other comprehensive earnings (loss), net of tax | -75,342 | 146,127 | -76,040 | 117,788 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | ' | ' | ' |
Net earnings | 231,844 | 269,114 | 605,941 | 809,166 |
Other comprehensive earnings (loss), net of tax | -75,342 | 146,127 | -76,040 | 117,788 |
Comprehensive earnings | 156,502 | 415,241 | 529,901 | 926,954 |
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Pension And Other Postretirement Benefit Plans Net Of Tax Abstract [Abstract] | ' | ' | ' | ' |
Amortization of actuarial losses | 2,164 | 4,143 | 6,566 | 15,997 |
Amortization of prior service costs | 2,134 | 2,225 | 6,412 | 6,582 |
Total before tax | 4,298 | 6,368 | 12,978 | 22,579 |
Tax provision | -1,495 | -2,195 | -4,506 | -7,802 |
Net of tax | 2,803 | 4,173 | 8,472 | 14,777 |
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Derivatives Net of Tax [Abstract] | ' | ' | ' | ' |
Cash flow hedges | 261 | -617 | -30 | -481 |
Tax benefit | -92 | 216 | 10 | 168 |
Net of tax | $169 | ($401) | ($20) | ($313) |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
segments | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 4 | ' |
Reconciliation from Segment Totals to Consolidated [Abstract] | ' | ' | ' | ' |
Revenue | $2,092,467 | $1,940,211 | $6,024,852 | $5,636,599 |
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract] | ' | ' | ' | ' |
Interest expense, net | 31,239 | 30,236 | 95,871 | 90,752 |
Earnings before provision for income taxes and discontinued operations | 328,697 | 317,670 | 893,980 | 843,775 |
Provision for income taxes | 95,872 | 91,435 | 267,388 | 192,269 |
Earnings from continuing operations | 232,825 | 226,235 | 626,592 | 651,506 |
Energy Segment [Member] | ' | ' | ' | ' |
Reconciliation from Segment Totals to Consolidated [Abstract] | ' | ' | ' | ' |
Revenue | 507,334 | 467,688 | 1,467,123 | 1,396,273 |
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract] | ' | ' | ' | ' |
Earnings before provision for income taxes and discontinued operations | 122,738 | 119,086 | 356,697 | 347,456 |
Engineered Systems Segment [Member] | ' | ' | ' | ' |
Reconciliation from Segment Totals to Consolidated [Abstract] | ' | ' | ' | ' |
Revenue | 695,244 | 642,205 | 2,043,979 | 1,886,956 |
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract] | ' | ' | ' | ' |
Earnings before provision for income taxes and discontinued operations | 119,316 | 111,850 | 324,058 | 297,937 |
Fluids Segment [Member] | ' | ' | ' | ' |
Reconciliation from Segment Totals to Consolidated [Abstract] | ' | ' | ' | ' |
Revenue | 361,797 | 309,241 | 1,053,081 | 893,016 |
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract] | ' | ' | ' | ' |
Earnings before provision for income taxes and discontinued operations | 67,559 | 63,056 | 188,613 | 169,425 |
Refrigeration and Food Equipment Segment [Member] | ' | ' | ' | ' |
Reconciliation from Segment Totals to Consolidated [Abstract] | ' | ' | ' | ' |
Revenue | 528,807 | 521,322 | 1,462,657 | 1,461,364 |
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract] | ' | ' | ' | ' |
Earnings before provision for income taxes and discontinued operations | 78,012 | 86,446 | 207,800 | 220,733 |
Intersegment Elimination [Member] | ' | ' | ' | ' |
Reconciliation from Segment Totals to Consolidated [Abstract] | ' | ' | ' | ' |
Revenue | -715 | -245 | -1,988 | -1,010 |
Total segments [Member] | ' | ' | ' | ' |
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract] | ' | ' | ' | ' |
Earnings before provision for income taxes and discontinued operations | 387,625 | 380,438 | 1,077,168 | 1,035,551 |
Corporate expense / other [Member] | ' | ' | ' | ' |
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract] | ' | ' | ' | ' |
Earnings before provision for income taxes and discontinued operations | ($27,689) | ($32,532) | ($87,317) | ($101,024) |
Share_Repurchases_Details
Share Repurchases (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Share Repurchases [Line Items] | ' | ' | ' | ' |
Shares repurchased | 857,016 | 4,743,926 | ' | ' |
Average price per share for repurchased shares (in dollars per share) | ' | $82.76 | ' | ' |
Number of treasury shares held | 90,157,342 | 90,157,342 | ' | 85,413,416 |
Purchase of common stock | ' | $392,588,000 | $407,862,000 | ' |
May 2012 Authorization [Member] | ' | ' | ' | ' |
Share Repurchases [Line Items] | ' | ' | ' | ' |
Number of shares authorized to be repurchased | 10,000,000 | 10,000,000 | ' | ' |
Shares repurchased | ' | 1,146,946 | ' | ' |
Average price per share for repurchased shares (in dollars per share) | ' | $87.21 | ' | ' |
Remaining number of shares authorized to be repurchased | 2,761,343 | 2,761,343 | ' | ' |
November 2012 Authorization [Member] | ' | ' | ' | ' |
Share Repurchases [Line Items] | ' | ' | ' | ' |
Shares repurchased | ' | 3,596,980 | ' | ' |
Average price per share for repurchased shares (in dollars per share) | ' | $81.06 | ' | ' |
Authorized dollar amount for share repurchase program | 1,000,000,000 | 1,000,000,000 | ' | ' |
Purchase of common stock | ' | $292,565,000 | ' | ' |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Reconciliation of information used in computing basic and diluted earnings per share [Abstract] | ' | ' | ' | ' |
Earnings from continuing operations | $232,825 | $226,235 | $626,592 | $651,506 |
Earnings (loss) from discontinued operations, net | -981 | 42,879 | -20,651 | 157,660 |
Net earnings | $231,844 | $269,114 | $605,941 | $809,166 |
Basic earnings (loss) per common share: | ' | ' | ' | ' |
Earnings from continuing operations (in dollars per basic share) | $1.40 | $1.33 | $3.74 | $3.79 |
Earnings (loss) from discontinued operations, net (in dollars per basic share) | ($0.01) | $0.25 | ($0.12) | $0.92 |
Net earnings (in dollars per basic share) | $1.40 | $1.58 | $3.62 | $4.71 |
Weighted average shares outstanding - basic (in shares) | 166,021,000 | 170,544,000 | 167,401,000 | 171,690,000 |
Diluted earnings (loss) per common share: | ' | ' | ' | ' |
Earnings from continuing operations (in dollars per diluted share) | $1.38 | $1.31 | $3.69 | $3.75 |
Earnings (loss) from discontinued operations, net (in dollars per diluted share) | ($0.01) | $0.25 | ($0.12) | $0.91 |
Net earnings (in dollars per diluted share) | $1.38 | $1.56 | $3.57 | $4.65 |
Weighted average shares outstanding - diluted (in shares) | 168,343,000 | 172,734,000 | 169,761,000 | 173,870,000 |
Reconciliation Of Share Amounts Used In Computing Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average shares outstanding - basic (in shares) | 166,021,000 | 170,544,000 | 167,401,000 | 171,690,000 |
Dilutive effect of assumed exercise of employee stock options, SAR's and performance shares (in shares) | 2,322,000 | 2,190,000 | 2,360,000 | 2,180,000 |
Weighted average shares outstanding - diluted (in shares) | 168,343,000 | 172,734,000 | 169,761,000 | 173,870,000 |
Weighted average number of anti-dilutive potential common shares excluded from reconciliation calculations (in shares) | 54,130 | 0 | 10,441 | 0 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Oct. 01, 2014 |
In Thousands, except Share data, unless otherwise specified | |
Subsequent Event [Line Items] | ' |
Subsequent acquisition purchase price | $430,000 |
Subsequent share repurchases | 123,448 |
Total lump sum payments | 46,100 |
Expected future settlement loss | 9,500 |
Discontinued Operations [Member] | ' |
Subsequent Event [Line Items] | ' |
Expected future settlement loss | 6,000 |
Continuing Operations [Member] | ' |
Subsequent Event [Line Items] | ' |
Expected future settlement loss | $3,500 |